Let’s face it, when it comes to hoarding wealth, Boomers would give Smaug a run for his money.
Boomers are holding on to their money for as long as they can, rather than handing them down as inheritance to their children, according to a new report.
In recent years, around 12,000 boomers have turned 65 each day. Experts had assumed they would pass down their accumulated wealth as they retire, downsize, and plan their estates.
Experts assume a lot of things.
But the Great Wealth Transfer – in which baby boomers are expected to hand over billions of dollars to their millennial and Gen Z children – may not be as straightforward as previously thought.
A new survey of wealthy Americans by Charles Schwab found that almost half of boomers wanted ‘to enjoy my money for myself while I’m still alive’.
Or, to put bluntly, they’d rather steal their kids’ inheritance than make sure their kids are looked after.
Mine, all mine!
[..] Boomers, born between 1946 and 1964, are famed for benefiting from great social mobility when house prices were low and labor conditions strong.
By contrast, only 11 per cent of Gen X-ers and 15 per cent of Millennials said they too wanted to hold on to their own money during their lifetime.
Both groups were in fact more than twice as likely to choose to share their wealth while alive compared to the Boomers.
[…] Boomers currently possess around $83.5 trillion in wealth, according to the 2024 UBS Global Wealth Report.
$17 trillion of that wealth is held in home equity, as the generation has experienced decades of property valuation growth.
[…] The bulk of the wealth transfer, which is due to take place over the next two decades, will be among the wealthiest families.
[…] Boomers listed rising healthcare costs and longer lifespans as reasons to keep hold of their assets.
Source: https://www.dailymail.co.uk/yourmoney/consumer/article-14343427/boomers-refuse-wealth-real-estate-transfer-children.html
Plus cruises, golf club membership fees, etc...
My favourite Boomer retort to all of this is, “But I worked hard for my money!”
Yeah, you and millions of others. You also benefitted from cheap housing and the fact that you could walk from one job to another without even needing a CV. And let’s face it, back in your day, employers didn’t treat their employees as disposable assets.
Still, Boomers can spend their wealth anyway they want, even if it leaves their kids and grandkids destitute or without the same opportunities they had. Hell, you can even waste all your money at the casino for all I care.
But a little gratitude wouldn’t go astray.
