A new league of 'modern retirees' are focused on providing themselves with a respectable standard of living during retirement, rather than let relatives inherit their assets.
According to a survey by Just Retirement, people approaching or just entering retirement are choosing to use their wealth on themselves, particularly as the cost of living and economic uncertainty show no signs of abating.
Just 38% of homeowners aged 55 and over believe that it was important to leave as much inheritance as possible to younger generations, whilst those in their senior years of retirement were more inclined to pass it on to their children and grandchildren.
Just over half (55%) of those surveyed said that they would like to pass on their money before passing away.
Stephen Lowe, group director of external affairs and customer insight at Just Retirement, said: "Our research into attitudes towards equity release gave insights into how retiring and retired homeowners think about inheritance."
"Basically, older retirees feel more strongly that they worked hard to own their home and are more likely to want to pass it on. This contrasts with those coming up to retirement or who have recently retired who feel that passing on the home would be nice to do, but not essential.
"It is not completely selfish. There was a sense they had done enough for their children and that the children were often in a better financial position than they were.
"Certainly the adult children we interviewed agreed with this approach and did not want their parents to cut back simply to leave an inheritance."
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