"Didn't Save This Money to Leave to Our Kids?"... Retired Couples Spend $10,000 on a Single Trip

Retirees Open Their Wallets for Leisure... 'SKI' Trend Takes Off
One in Seven British Parents: "My Retirement Comes Before an Inheritance for My Children"

More older adults are spending money on enjoying life after retirement rather than passing their wealth on to their children.

The photo is unrelated to the specific content of the article. Pexels

On October 22 (local time), U.S. business magazine Fortune reported that the "SKI" (Spending the Kids' Inheritance) trend is spreading among retirees in the United Kingdom and the United States. Rather than leaving an inheritance to their children, they are spending money on leisure activities such as travel and hobbies.

According to a report by Standard Life, a UK pension and retirement savings company, one in seven British parents said they would rather spend money enjoying their lives after retirement than leave an inheritance to their children.

The trend is especially noticeable in travel. According to a recent survey by the Association of British Travel Agents (ABTA), 82% of respondents aged 65 and over said they had taken a vacation in the past year. That was 5 percentage points higher than two years earlier.

Mark Tanzer, ABTA's chief executive, said, "Older people are healthier and more financially comfortable than in the past." He added, "There is a growing tendency to spend money on themselves while they are alive rather than leave an inheritance to their children or pay inheritance tax."

Retirees are considered a key consumer group in the travel industry. An analysis of its own sales data by U.S. travel insurance comparison company Squaremouth found that couples aged 65 and over spent an average of $9,960 (about 13 million won) per trip. That was about 1.5 times the average of $6,618 (about 8.75 million won) for couples under 50.

Couples aged 65 and over also took longer trips, averaging 15 days compared with 11 days for couples under 50. Their destinations varied widely, including Europe and Japan as well as Antarctica and Africa. With greater financial means and more free time, they are spending more on travel and taking longer trips.

Photo is unrelated to the specific content of the article. Pexels.

A similar trend is emerging in South Korea. According to the "2023 Survey on the Status of Older Persons" released by the Ministry of Health and Welfare, 24.2% of people aged 65 and over said they would use their assets for themselves and their spouses. This was up 6.8 percentage points from 17.4% in 2020 and more than double the 9.2% recorded in 2008.

As retirees emerge as a consumer group actively spending on travel, leisure and new experiences, forecasts indicate that their influence across related industries will continue to grow.

This content was produced with the assistance of AI translation services.