Seniors Are Using Up Children’s Inheritance Money, Study Shows

A new report shows that sweet old gramps is livin’ it up – and he’s using what could be your inheritance money to do it!

McCarthy and Stone Money, a seniors’ financial planning service, published the findings of a study that looked into the financial stability of 1,000 adults aged 60 and over. What they discovered about senior citizen spending habits may surprise you: Six out of 10 older adults have a “live for today” mentality and plan to spend their moolah during retirement, as opposed to saving for their family’s future.

Of those surveyed only one in four said they’re making a hard effort to save for their children and grand children.

Additionally the study found one in four in the 60 and over crowd hasn’t prepared a will.

Executive Director of McCarthy and Stone, Ali Crossley explains, “There are many reasons why people of all ages may not make a will, ranging from concern about legal costs to apathy and a fundamental misunderstanding about what will happen if they die intestate without a will,” but she urges those in their later years “to discuss these issues with their family and put clear plans in place.”

To learn more about the study, check out the McCarthy and Stone website.

Feature Image: Shutterstock/Tony Bowler