Why your children may be counting your pennies

After providing for their children all their lives, most parents would be forgiven for thinking they’d earned a couple of summer holidays.

But these well deserved luxuries apparently make the younger generation’s ‘blood boil’ as two in five millennials fear their parents are frittering away their inheritance.

Almost a fifth of young people surveyed said their ‘spendthrift’ parents are selfish and fail to consider their children’s or grandchildren’s economic wellbeing, according to a survey.

Many youngsters feel their parents have a responsibility to give them money for the future – which could potentially help pay off a mortgage.

the research, from investment platform Moneyfarm, found two in five of those aged between 35 and 50 thought their parents should provide them with an inheritance compared to just one in four aged 65 or older.

Some 20 per cent of young people surveyed admitted to arguing about their future finances with their parents. Incredibly, almost half also said they shouldn’t have to wait until their older family die to receive the money.

But younger people need not worry as 60 per cent of over 65s said they were scrimping to save for their children and grandchildren.

Nearly 80 per cent of older people surveyed also planned to leave everything to their children.

the research found millennials are generally poorer than previous generations due to house prices exceeding wage growth. Some 70 per cent of millennials said they regularly save in case their inheritance is less than they want.

Chris rudden, of Moneyfarm, said: ‘If millennials are to financially succeed in the long-term it is crucial they plan for their future in case they do not inherit as much as they are expecting.’