Just a few decades back, people preferred gardening, reading and watching the pennies so a healthy legacy could be left for their children, but seems time has changed.
Pensioners nowadays are spending their kid's inheritance on sports cars and luxury holidays while their offspring are struggling to make ends meet.
AdvertisementSo common is this new generation of pensioner that it has even earned its own sobriquet: the "SKI set", SKI an acronym for the fact that they are merrily Spending their Kids' Inheritance.
And as the pensions are shrinking, the younger generation is facing a less rosy retirement than their parents.
"It seems unlikely that the children of the SKI generation will be able to enjoy the same "golden age" as their parents. Any inheritance they do receive may go some way to making up their own retirement shortfall," the Daily Mail quoted Professor Dominic Swords, from the London Business School, as saying.
"People are realising that the sums they need to save are large, and they might not be able to do that on their own, so that inherited wealth may become more of an important part of their financial planning," added Swords.
A recent survey by insurance giant Aviva revealed the changing nature of life for many of Britain's SKI generation. Just 20 years ago, most pensioners believed they would spend their retirement babysitting their grandchildren, gardening and reading.
Top of the list of favoured activities today, however, are travelling, socialising, shopping, and taking up an adventurous sport.
Part of the "to do" list for many pensioners includes attending a music festival - and even dating someone younger than themselves.
Retirement, according to the survey, is now viewed as a significant second stage in life, and pensioners still have many ambitions and dreams they hope to fulfil. Life is by no means over once you hit 65.
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