More retirees helping dependants

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Just half of Scots planning to retire over the coming months intend to leave an inheritance when they die, new research shows.

Many people are choosing instead to provide more financial support while they’re still alive, with four in ten retiring this year helping their dependents cover everyday living costs and large one-off expenses.

The average retiree in Scotland will contribute £229 a month, though one in ten expects to pay more than £500 a month to support children and other beneficiaries. But more people are in line for an inheritance than they expect. While 52 per cent of retirees north of the Border plan to leave an inheritance, just 36 per cent believe they will receive one, according to the study by Prudential.

Vince Smith Hughes, retirement expert with the insurer, said: “Issues in the housing and jobs markets clearly make it financially difficult for adult children to leave home and most parents are happy to support them where possible.”