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