by: Dick Stroud
The dreadful term Spending the Kids Inheritance (SKIing) is one of the few age-jargon phrases that has stuck in mainstream language.
I am always very causcious of taking too much notice of research from organisations with a vestied interest in the outcomes, but I must assume there is a grain of truth in the findings from SAGA’s equity release (reverse-mortgage) group. In summary the survey of oldies found:
12% said equity release products were not an option for them because they believed assets like a home should be handed down to their children as an inheritance.
12% answered that they had released equity from their home to pass on to their family as a pre-inheritance.
25% said they would use the equity tied up in their house to enhance their retirement regardless of their younger relatives' expectations of an inheritance.
What the other 51% thinks remains a mystery – good old SAGA refrained from publishing a press release about the research (daft).
18% of the over-65s said they considered equity release to travel around the world, a figure that doubled in the age group between 50 and 54.
Not that great a reading for kids and grandchildren.