A growing movement in the UK and US shows more retirees are choosing to enjoy their savings through travel and leisure rather than preserving wealth for their children, fueling the rise of “skiing”—an acronym for spending the kids’ inheritance.
This represents a notable change in cultural values, with recent data indicating that today’s pensioners are increasingly focused on living well in retirement instead of prioritizing a financial legacy.
The Rise of “Skiing” Among Retirees
The trend is illustrated by individuals like 64-year-old Sarah Moorhouse, a retired school administrator from the Yorkshire Dales. She and her husband Geoff have opted to use their private pensions to travel frequently, embarking on four or five holidays around the UK each year, at a cost of several hundred pounds per trip. Their choice to sell a classic car and purchase a new convertible further underscores their emphasis on present enjoyment rather than saving for their heirs.
According to Moorhouse, “You only have one opportunity at life,” reflecting a mindset that now resonates among many older adults who prefer spending their money rather than amassing assets for their children.
The concept of ‘skiing‘—spending the kids’ inheritance—has started to challenge traditional expectations around intergenerational wealth. Research from Standard Life, in a March report, reveals that 15% of UK parents currently prioritize making the most of their own retirement finances over saving for their children. In the US, a survey by Northwestern Mutual showed a drop in those expecting an inheritance, from 25% in 2024 to 20% last year, reflecting similar changing attitudes.
Financial Shifts and Evolving Attitudes
Moorhouse’s daughter, Poppy, endorses her parents’ decision to enjoy their retirement, saying she never expected a substantial inheritance and considers such assumptions “wild.” She finds happiness in their happiness, not in the prospect of receiving money from them.
These shifts accompany the transformation of pension structures. As Mike Ambery, director of retirement and savings at Standard Life, points out, there has been a move away from final-salary pension schemes in the UK—which ensured a guaranteed income for life—leaving retirees with defined contribution pensions more exposed to financial uncertainty. Ambery notes that predictable incomes made leaving an inheritance easier to plan, but the rise of less stable pension arrangements has encouraged retirees to focus on personal fulfillment after careers of hard work. In his words: “It’s just having a little bit of indulgence to enjoy life.”
Nevertheless, participation in this lifestyle is limited, as the Joseph Rowntree Foundation finds that 16% of UK pensioners and 15.4% of US pensioners still live below the poverty line. Yet, over the past thirty years, UK pensioners’ disposable income—excluding housing costs—has risen more rapidly than that of working-age individuals, as noted by the Institute for Fiscal Studies.
Current government statistics show that 69% of retired people in the UK and 56% in the US receive a private pension in addition to state benefits, based on official and Federal Reserve data. This has enabled many retirees to loosen their financial constraints and spend more freely.
Living for Today: Retirees’ Views
Another example is Karen Green, 60, who resides in France and spends upwards of £10,000 annually on holidays. She openly tells her children they should not anticipate a significant inheritance. Green, who divides her semi-retirement between travel and business consultancy, maintains a monthly income similar to her pre-retirement years, with 40% coming from property rentals.
Like Moorhouse, Green notes that she will not receive her UK state pension until the age of 67. The payment for those qualifying after April 2016 amounts to £12,547.60 per year, with an expected increase next year. In the US, the parallel is the retirement benefit from Social Security, where those at full retirement age (67) can get up to $49,824 (£36,993) per year, though smaller amounts can be accessed from age 62.
Matthew Loveless from Northwestern Mutual encourages transparent conversations between parents and children about the realities of inheritance expectations, especially given that some may be relying on money that ultimately will not be received.
These real-life experiences reveal a growing preference for enjoying retirement while alive, moving away from the once-dominant norm of building up assets solely for the next generation.