£50k hit for kids in future

CHILDREN whose parents are nearing retirement are set to inherit £50k less than the previous generation.

Mums and dads face more pressure to support their offspring, with university and childcare costs hitting them in the pocket.

And a study by St James’s Place wealth management group revealed pensioners have an average of just over £260k in retirement funds and can expect to leave around £125k to their kids.

But that is expected to shrink to £235k with only £74k to pass on.

Claire Trott, from St James’s, said: “The way we plan for the future has fundamentally shifted.”