Youngsters 'should not rely on inheritance'

By Tom Farley, Tue 2 Sep 2008 - Published in Pensions

Brits need to save into a pension rather than relying on their inheritance to fund their retirement, according to Standard Life.

Research by the group has found 22 per cent of people aged 26 to 35 are planning to cash in their inheritance to support them through old age.

However, the company has said with 55 per cent of those aged 55 to 65 feeling worse off now than they did this time last year, people should not be banking on a big inheritance.

Commenting on the results of the survey, Andrew Tully, pensions policy manager at Standard Life, said: "Making plans to put money aside to fund retirement is a sensible move, no matter how young."

He added with the cost of living and life expectancy rising it is not wise to rely on inheriting enough money to cover the cost of retirement.

In other news, research by Age Concern has revealed that three-quarters of people are concerned their older relatives or friends could fall victim to a scam.

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