Jul 10 2006
Parents need to stop spending their kids' inheritance – so-called SKIing - or their children face an extremely bleak future, according to one pensions company.
Many retirees are doing anything but retiring preferring instead to making full use of their work-free time by volunteering, mountaineering or taking adventure holidays.
A new report commissioned by Friends Provident found pensioners spend around £240 billion every year on leisure, accounting for 40 per cent of consumer spending.
However, according to the pensions provider, the more SKIers spend, the more uncertain the future faced by those relying on them.
"This is a real balancing act for parents who want to enjoy the money they've worked hard for and saved, but who are also aware that an inheritance would ease their children's financial pressures," said Jeremy Ward from Friends Provident.
"Inherited wealth will become part of many more families' long-term financial planning and increasingly parents will turn to life and retirement coaches to help them achieve balance. This doesn't spell the death of the SKIer, but simply the start of a new era of sensible SKIing."
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