My Home is My Child’s Home

A survey conducted by Spry Finance (an Irish-owned company that specialises in providing Lifetime Loans to customers over the age of 60, involving 301 homeowners aged over 60, revealed intriguing insights about inheritance.

The study found that whilst 76% of homeowners believed they should be able to spend their own money in their own lifetime, 47% of the participants believed it was important to leave as much as possible in inheritance to family and friends.

Approximately half of participants felt that their children have the right to inherit the family home and emphasised the importance of leaving as much inheritance as possible. Such conflicting opinions can impact a whole range of decisions on whether older people should spend for their own comfort or for their children’s. Such thinking can impact whether a child’s inheritance is more important than financing home improvements (whether a new conservatory or a wetroom), to go travelling, or to procure private home care.

Whilst such generosity towards the next generation is understandable, filial responsibility is unfortunately not universal. Safeguarding Ireland report that more than 10,000 cases of alleged abuse, including financial abuse, are reported to the HSE’s Safeguarding and Protection teams each year. In the majority of cases, the reports of alleged financial abuse involve actions by a family member. Spry’s research from 2023 (survey of 316 home owners over the age of 60) found 12% of people felt under pressure to make compromises to improve any inheritance they might leave.

Hence Safeguarding Ireland recommend best practice is to budget for the future and to discuss with family members any sense of obligation or entitlement, to ensure people safeguard themselves and their future as well as their children’s. Funding later life care can be a major stress. Budgeting done today reduces stress tomorrow.