New research from the-depth consumer insight programme GenVoices from retirement specialist Just Group reveals that leaving an inheritance to loved ones after death is not a key retirement objective for most of the ‘baby boom’ generation.
The top retirement objective for this group was to spend more time with friends and family, chosen by nearly half (46%). Next were travel abroad (37%) and travel in the UK (36%) and to pursue new hobbies and interests (34%).
One in five (20%) of this cohort chose leaving an inheritance as one of their top five goals for retirement, although a significant minority chose helping children and grandchildren with their finances (18%), sometimes called a ‘living inheritance’.
Only 3% of current homeowners envisaged buying a different main home while 20% said they wanted to renovate their own home. Among renters, 4% wanted to buy a home.
Stephen Lowe, group communications director at the retirement specialist, Just Group, said: “Inheritance and estate taxes are hot topics, but the research suggests that leaving money is not high on the retirement agenda of most Baby Boomers.
“Overall, the priority of most seems to be to kick back and relax by spending time with friends and family or pursuing travel and hobbies – over other options such as working part-time or volunteering, setting up their own business or studying.”
