It seems that grey nomads really are spending the kids’ inheritance, with a new survey showing that saving money to pass onto their children is certainly not high priority for seniors any more.
The National Seniors Australia organisation surveyed 5,770 of its members about their retirement income and plans, and found many were opting to spend their cash on travel or keep for future aged care needs.
“They know they might live longer and they are planning for that longer life financially, for their health and medical costs and also for lifestyle and travel,” Karen Rees, a research fellow with the group told the ABC. “One of the major comments to me was: ‘We don’t have a crystal ball’ … it is an unknown and people are doing the best they can.”
The ABC reports that only 3% of those surveyed planned to preserve all their savings for the next generation. Some 10% expected to have spent all of their savings in retirement; 41% wanted to spend most of their savings; and 46% intended to spend only some.
Dr Rees said there had also been a shift towards parents helping their children financially earlier on in life and, in particular, to get into the housing market.
“I don’t think that declining inheritances necessarily comes out of selfishness, stinginess or leaving the kids out of the picture,” Dr Rees told the ABC. “I do think people feel like they have done a really good job by their kids and they have now hit retirement and they should have some fun with it and make sure they can afford their care later on.”
In the words of my son and I quote “an inheritance is not a right, if it happens then it’s a bonus”
Amen to that.
A very wise person close to me once said and I quote ” if they are counting on it or waiting for it they dont deserve it and if there not they wont care.CHEERS STEVO>