Grey nomads are famously portrayed as the leaders of the SKI (Spending the Kids’ Inheritance) Generation … and it seems the ‘youngsters’ are increasingly fine with that.
New research shows three quarters of Australians are willing to sacrifice their own inheritance so their parents and grandparents can enjoy the retirement they deserve.
The new findings, published in the 2023 CompliSpace Towards the Tipping Point in Aged Care report, suggest a significant shift in attitudes.
David Griffiths, the CEO of aged care service provider, CompliSpace, said many people died with hundreds of thousands of dollars in savings that could have been spent on a more comfortable retirement while they were alive.
Have grey nomads been given the go ahead to bust the budget on hot air balloon rides and the like? PIC: Pixabay
“Our research has confirmed, for the first time, that Australians want their parents and grandparents to spend their hard-earned savings on themselves, rather than passing it onto their Generation X children or Millennial grandchildren,” he said. “Older Australians are being given the green light by their own families to spend their savings on their own care, rather than holding back and compromising their own qualify of life.”
Some of the more eye-catching findings of the survey were:
While grey nomads eyeing up that monster new RV or perhaps contemplating taking a few more budget-busting scenic flights on the Big Lap may draw their own conclusions from the survey’s findings, CompliSpace says it actually has big implications for the future of who pays for aged care.
It says with an ageing population, shrinking taxpayer base, and cost-of living crisis, scrutiny on older Australians who can afford to pay for their own care will inevitably intensify.
“Those who receive these inheritances are often people in their mid-50s who are financially secure and own their property outright,” said Mr Griffiths. “Within this context, should taxpayers be burdened with funding the care of wealthy older Australians who can afford to pay for that care themselves?”
Are you a Grey Nomad member yet? Click here to find out about the discounts, competitions and other benefits on offer.
Reading between the lines I deduce that; Gen X and Millennials are OK with Dad or Grandpa taking care of themselves but still expect their inheritance. Unfortunately, the lack of financial literacy and willingness to be responsible for their own futures is symptomatic of modern Western society.
We inherited money from both sets of our parents back when we were in our 50’s
We’re now in our early 70’s & we still have a large amount of that money.
We both have superannuation & live a comfortable but modest lifestyle.
Our two two married children along with our four grandchildren will inherit our home & our money.
We love them & they deserve it.
Wow..you are very fortunate to have had great parents who left you some inheritance, and that’s good.
I was a son of a single farmer Dad with my three elder brothers.
Dad bought us well and managed to put my two elder brothers through College.
Us younger two managed High school. He ran out of money.
He never left us much in the way of money or materials things..Ive still got his golf hat.
But he left us with lessons of respect, good manners, gratitude, not to whinge and to treat others as you would like to be treated.
I’m reasonably comfortable too..but I’d like to, as generations go, to be able to leave my three younger ones some inheritance or money..that calculation depends on how long I’m around for..but Im sure they will be something left for them to enjoy.
The only wealthy older Aussies I know don’t get the pension and pay tax so I fail to see how they are burdening tax payers. And from my observations they all live in private exclusive retirement villages.
Me I only have the pension and a little savings which will probably be gone before I die so who knows what will happen to me when I’m ancient