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Parents in their 50s faced with diminishing inheritances


Parents in their 50s may see their inheritances diminished as their older parents use their assets to assist grandchildren or pay for their own social care needs, according to a report from the Social Market Foundation (SMF).

Research from the think tank has shown that the “skipped middle”, parents in their 50s, are most likely to lose out financially as their parents live longer and increasingly offer gifts to family members while they are still alive.

The research showed that 40% of older adults now believe that grandchildren are more in need of financial help than their own children. It also found that 60% of people would prefer to give their children money when they need it rather than as an inheritance when they die. The percentage rose to 69% among those aged 65 and over.

Nigel Keohane, the report’s author and SMF research director, said:
“We looked at who will face the most financial pressures as we are living longer.

“We found the ‘skipped middle’, in their middle years, have a high expectation of an inheritance. One in five expect this. But they might not get one. Our polling shows that 44% of over-65s are worried about the cost of their care in later life. An even larger number, three quarters, of over 55s worried about the cost of social care and that they won’t be able to leave an inheritance.”

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