Inheritance? I’m afraid we spent it going around world

IN years gone by parents would squirrel away savings to pass on to the kids.

But now older generations have stopped stocking the family coffers and started saving to splurge on their own globe-trotting adventures.

Research has revealed half of Scots over 55 are saving to go travelling in the next 1-2 years. Almost two in five Scots of the same age group are saving for a big purchase.

By comparison only 2 per cent of those in the slightly lower age bracket of 45-54 are saving to leave cash behind to loved ones. Just 13 per cent of those in the over 55s bracket are saving in the short term to leave money for family.

The figures were revealed in the latest Bank of Scotland ‘How Scotland Lives’ survey. Last year the bank found that only one in four Scots over the age of 55 dreamed of travelling around the world in the next five years.

This year they found half were saving for travel.

Older Scots are also preparing to treat themselves. Some 37 per cent of Scots over 55 are saving for a specific purchase of a large, and possibly indulgent, present to themselves.

And only one in ten are saving to foot the bill of a family wedding, possibly indicating that fathers of brides no longer see it as their duty.

But old habits seem to die hard for the older generation, who still compulsively save for a rainy day. Three in five still put away money for an emergency.

The older generation are five times more likely to plan for an emergency than save to pass on money in their inheritance.

Director of the Bank of Scotland Mike Moran said: ‘With more people living longer, it’s encouraging to see that older Scots are putting their savings to good use in later life.’

‘Putting their savings to good use’