Fewer than one in five retired people feel it is their responsibility to leave money to their children, according to a study from Friends Provident.
Rather than leaving an inheritance, retired people expect to help their children with housing and education costs, with 26% of grandparents expecting to contribute to university fees for grandchildren.
The insurer's Visions of Britain 2020 report says 51% of respondents would rather work after retirement age to keep active, with 46% citing working as a way to stave off boredom and 43% saying they need the social interaction of the workplace.
Its research shows retirees draw on a number of sources of income such as savings, state pensions, employer pensions, shares and work.
Equity release is not popular with 77% of pensioners who wish to stay in their home without downsizing or releasing capital.
"People are living longer and this new breed of energetic and healthy individuals who want to remain involved and not become economically inactive," Trevor Matthews, chief executive of Friends Provident says.
"These individuals will not only continue to contribute to their pensions with their continued earnings, but those who will position their activity towards volunteering will make momentous contributions to their local communities."
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