PEOPLE are more likely to want to enjoy life than budget during their old age so they can leave an inheritance for younger generations, research showed today.
Britons are attracted by the theory of leaving a house or money to their family when they die, but in practice two-thirds of those with the means to make a bequest say they plan to enjoy life and not worry about leaving a legacy.
Older people were most likely to shun budgeting so that they could leave something behind, with only about a quarter of pensioners with the potential to leave an inheritance saying they would be careful with their money with this in mind.
The report, for the Joseph Rowntree Foundation - a charity which handles social care issues - found while 85% of all age groups said they would like to be able to leave a legacy, half believed strongly older people should enjoy their retirement and not worry about an inheritance.
Overall, just 28% people with the potential to leave money said they would be careful with their finances.