The Kings Court Trust Blog

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Looking to Spend Your Children's Inheritance?

Posted by Kings Court Trust | Feb 12, 2015 9:00:00 AM

More and more of the over 50s are spending large proportions of their children's inheritance, the Telegraph reports. It’s always nice to be able to leave something behind for your children once you've passed on but people are now, more than ever, tempted by the idea of luxurious holidays that have been earned from years of hard work.

The older demographic seems to be shaking off its conservative past and retirees are now looking at more expansive and exciting holidays in their golden years. In a survey conducted by the Post Office in 2011, it was found that 25% of over 55s took long holidays of two months or more – causing them to be dubbed 'grey gappers.' But it seems that these holidays aren't a relaxed two months – they are increasingly including extreme sports like white water rafting, trekking and mountain climbing.

Other statistics on this emerging trend come from Saga, which found that 54% of total travel and tourism expenditure came from over 50s, whereas ten years ago they only accounted for 46% of this.

The older generation, it seems, is not only looking to spend more of their savings and enjoy new freedoms, but they are becoming savvier about it, too. Older generations have the time to spend hours trawling the internet for the best holiday deals and are fully aware of the best times to book (during school terms), who to book with (budget airlines, for example) and how to use their time wisely.

Freedom is the key buzzword for people in this age bracket; they are not constrained by work or family, and have the resources to make their trips as economically-viable as possible. There is also the added benefit of caring less about what other people think of your travel destination – something that helps with spending your children's inheritance, too.

Do you think travel is the best way to spend your children’s inheritance money?

Topics: IHT, Industry News, Inheritance Tax