Average lifetime giving nears £5k a year as retirees act to avoid IHT

Financial gift-giving to family now accounts for one in every six pounds spent by retirees, Quilter's second annual Retirement Lifestyle Report found. The average retiree now gives £2,272 a year to relatives and spends a further £2,250 on education costs for children and grandchildren, together amounting to £4,522 a year, based on a survey of 5,002 UK retirees, with analysis from the Centre for Economics and Business Research (Cebr). The average retiree spends £27,159 a year, £5,000 more than last year and equivalent to a total of around £368.7 billion across the UK's retired populati...