A growing cohort of retirees is choosing to pour their savings into travel and experiences rather than preserving wealth for the next generation, a financial trend colloquially referred to as “skiing”—an acronym for “spending the kids’ inheritance.” This shift is challenging traditional expectations around intergenerational wealth transfer in both the UK and the US.
At the forefront of this movement are Sarah and Geoff Moorhouse, a retired couple living in the Yorkshire Dales. Rather than hoarding their private pensions, they embark on holidays four or five times annually, traveling to destinations such as the Lake District, Norfolk, and Cambridgeshire. Sarah, 64, recently traded her vintage Sunbeam Alpine for a modern Mazda MX-5 convertible, emphasizing that she views life as a precious commodity best enjoyed immediately.
“I’m of an age where I’m going to friends’ and acquaintances’ funerals, and I think you just need to live life and enjoy it while you can,” Sarah said. Her daughter Poppy has expressed full support for her parents’ lifestyle, stating that she never expected an inheritance and would prefer her parents to enjoy their freedom.
According to a March report by pension provider Standard Life, 15% of UK parents with children of all ages now plan to prioritize their own retirement enjoyment over leaving a legacy. The trend is similarly evident across the Atlantic; a study by Northwestern Mutual found that the percentage of Americans expecting to receive an inheritance dropped from 25% in 2024 to 20% last year.
Mike Ambery, retirement and savings director at Standard Life, attributes the UK trend to the decline of final-salary pensions. With the rise of defined contribution pots, which can be depleted during a retiree’s lifetime, many feel less secure about leaving behind a surplus. “It’s easier to be generous with a legacy if you know your retirement income will last as long as you need it,” Ambery explained, noting that many retirees also seek to indulge after years of hard work.
Karen Green, a semi-retired consultant living in Provence, France, has been transparent with her children about her finances. Earning income from part-time consultancy, a private pension, and rental properties, she spends over £10,000 a year on travel, including recent trips to Morocco and upcoming tours of Vietnam and Laos. “I have been quite explicit to say there is unlikely to be a legacy because I’m anticipating spending it all,” Green said.
While some retirees are spending freely, poverty remains a significant issue. Data from the Joseph Rowntree Foundation indicates that 16% of UK pensioners live in poverty, while US figures show a rate of 15.4%. Conversely, the Institute for Fiscal Studies notes that UK pensioner disposable income has outpaced that of non-pensioners over the last three decades. Currently, 69% of UK retirees and 56% of US pensioners hold private pensions alongside state benefits.
Matthew Loveless, a vice president at Northwestern Mutual, advises retirees to maintain open communication with adult children to manage expectations. As the “skiing” phenomenon gains traction, it highlights a broader cultural shift in how retirement savings are viewed—not merely as a future bequest, but as a resource for current quality of life.
15 percent seems low. My friends are already booking their third holiday this year instead of saving for grandkids.
Love that Sarah swapped that old car! Freedom at sixty-four is priceless, especially when you see life as fleeting.
Is this really sustainable though? I worry many are overlooking healthcare costs and longevity risk by spending so aggressively.
Finally, a shift in priorities. Why should you suffer to build wealth for people who may not even appreciate it?