13th Dec 2011
Spending the inheritance
Author: Kaye Fallick
Spending the inheritance, baby boomers, apia life, retirement, accommodation, university, nest egg, mortgage

In the recently released Apia Life begins at 50 report, 70% of baby boomer respondents said they would rather spend their money on enjoying their retirement than leave it behind as inheritance.

YOURLifeChoices website was approached by Channel Seven’s Today Tonight for comment. (see Kaye’s interview here link)

And what we said was that this makes a lot of sense to us. Since when is leaving an inheritance the duty of parents anyway? It may be true that previous generations scrimped and saved for a retirement and then lived quite modestly, often leaving a tidy nest egg behind for their children. But the changes in society over the past 30 years have seen what was once a linear life course of education, work or family raising, followed by full-time retirement change to a more fragmented life path. Fewer and fewer now embrace a retirement transition without any work at all. And more parents spend more money on their children as teenagers and young adults, providing accommodation, university funding and often house deposits in a way previous generations were never asked to do. So while baby boomers are often described as a selfish generation, we see no evidence of this whatsoever. They work hard, play hard – and often give hard. They may not leave behind a pile of money (many are still paying off mortgages well into their 60s) but just ask their kids – they will tell you their parents will leave behind a lot of love and some fabulous memories.

What do you think?

Are baby boomers selfish for saying they will spend rather than leave an inheritance?


What about you – will you leave love, memories, money  - or all of the above?


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    Nan Norma
    13th Dec 2011
    I was left money in an inheritance. It has been good that it made me extra in interest that I wouldn't otherwise have had. I will buy what I want and if there is anything left ( I expect my house will be left) then it will be there for my children. I hope they use it wisely as I have.
    13th Dec 2011
    I will leave everything I have as there are no pockets in shrouds. Be generous to yourself as well as to others - enjoy life for who knows we may not have another chance.
    14th Dec 2011
    I was left very little inheritance due to having to put my Mum in a nursing home for 7 years, I have just retired at age 58 and my kids have told me to spend what I have on myself, they are far better off than I ever was financially and all have great jobs and super which I didnt have until recent years. So I will be spending the the money I have worked hard to have, not that is a fortune and I will be having fun whilst I am young and healthy, when you get married at age 20 and have 4 children on meagre wages you cant spend much on yourself, so now is my turn.

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