Baby Boomers suck apparently… for spending the kids inheritance

We’ve just appeared on Weekend Sunrise to discuss this topic, and fight for the views you shared with us… Watch
Senior Couple On Shore Facing and Looking at Docked Cruise Ship.

We’ve just appeared on Weekend Sunrise to discuss this topic, and fight for the views you shared with us… Watch the segment here… It got very heated!

Stop for a conversation or two with younger generations who have not yet bought a home in Australia and you might feel affronted by how much hostility they have towards their parents’ generation, our over 60s.  Many feel that their parent’s hard-earned affluence is something they are owed a part of, and sooner rather than later.  But is this really fair?  Most fortunate baby boomers that I know have worked very hard for their good fortune and the time of retirement, planned very carefully to be able to live with financial stability through the potentially decades ahead.  Yes, they want to let their hair down, travel the world and spend the kids inheritance… because they’ve spent much of their life paying for the kids education, and fulfilling their childrens’ every whim, before setting them free at the mild age of nearly 30, well supported.  They’ve done their hard yards, fighting their way through 17 per cent interest rates and juggling old and young family members for decades.

One article in News Limited’s Rendezview, written by Victoria Hannaford last year, captured it all.  She was not only critical of the baby boomer, she reflected a rather widespread set of opinions that I hear with the monotonous regularity, aimed at their own parents and parents’ friends.


The article last year wrote in a mock-letter style:

“I need your help before I divorce my parents. Every time they return from an overseas holiday or buy a new car they joke about “spending the kids’ inheritance”.

“I gave up on getting an inheritance years ago, but their selfish, self-obsessed attitude makes me want to scream…”, the letter reads.

They go on to say “Please believe me, it is not about the money, I just want parents who stop to consider that complaining about Caribbean cruises while I grind out a living is wearing thin….” 

Ms Hannaford’s mock letter makes some frightful statements towards Boomers, largely because of what seems to be a desire for inheritance.

“…they’ve turned into the whingiest, most entitled, condescending and argumentative generation to have ever ruined a planet. And that’s just when they’re asking for directions and then disputing your advice (yes, this actually happened to me a few weeks ago)”

Come again? I hope her parents aren’t reading!

“It’s not enough for them to have enjoyed free tertiary education, affordable housing and unparalleled acquisition of wealth. They want you to feel inferior while they swan about between their three properties, and pay attention as they deliver imperious lectures about fiscal responsibility and the younger generation’s obsession with flat-screen TVs”

Dare we ask how many flat screen TVs the journalist owns while complaining about not being able to spend her parents’ money?

I’m obligated to give you a link to the article to reference it as a source today, but don’t encourage you to give them the clicks. Instead let’s talk about your right to have worked hard all your life to build a nest egg that you can enjoy in retirement.  Do you take offence to the accusation that you are “spending the kids inheritance”? 

See more on News Limited columnist writes “Baby Boomers Suck”: We’re shocked!

  1. David Fleming  

    If the whinging kids would get off their backsides and start looking out for themselves, stop wasting money on the latest gear and flash holidays, they might get some sympathy, the over sixties have worked hard, saved, gone without many things to get where they are, why should they leave it all to some condescending brat. Go ahead people spent it as you see fit, and let the brats fight over what may be leftover.

    • Kay Carter  

      Hear hear. I completely agree.

  2. As far as I’m concerned, it’s not an inheritance until I die. Until then, it’s my money to do with as I wish. The whiners must have forgotten about the long years that their parents scrimped and saved so that they. the children, could have food, clothes, toys, vacations, an education, etc.

  3. Denise Schutz  

    The younger generation want things handed on a silver platter, get of u asses, why shouldn’t the baby boomers enjoy there hard earned money and have some enjoyment from it, selfies bastard there kids are, how do u think they got it, We had to struggle to get where we are now and go without a lot of things we would have liked to have earlier in live, but know we had to bring up this race of selfish people, It was very hard in those days, and I know some are still struggling. I wonder if they think this when they get to retirement age about giving there money to there kids. Get a live

    • Colin  

      If you look at the numbers regarding income rates and affordability of housing, boomers just reap the benefits of being born in the right place at the right time. Simply working as hard as their parents won’t be enough. More jobs require college educations which are quite expensive, and almost no jobs have pensions. “Retirement age” probably won’t even be a term when your kids reach their 60’s and 70’s, and the thousands of dollars they’ve spent in social security will likely vanish, so enjoy that too.

  4. Eileen Gallery  

    As my parents taught us, so I have taught my own children. You owe your children the best education you can afford. Anything else is a bonus, and not essential.

  5. Marion  

    I am a baby boomer who has worked since the age of 16 – 15 years of these I was working 2 jobs – and as a single mum still managed to buy my own home and now am able to enjoy the occasional overseas trip. I didn’t receive any government handouts and went through the days of high interest rates – if I couldn’t afford something I didn’t get it. I have told my son that when I pass on hopefully there is nothing left in the bank which means I will have enjoyed my well earned retirement. There will be a property to pass on. FELLOW BABY BOOMERS ENJOY YOUR HARD EARNED RETIREMENT.

  6. Who the hell does this reporter think she/he is? I am 68, started work at 15 years and 3 days and retired at 64. In all that time, there was only about 2 years when I did not do some kind of paid employment. When my kids were small I worked from home. The reporter should also get their facts straight. There was NO free university in my time, no HECS. Only the rich could afford to send their kids there. I didn’t go to Uni because my parents couldn’t afford to pay the fees, and even though I was reasonably smart, I wasn’t brilliant enough to win any of the few scholarships going. My brother who is 5 years young than I, went to university because he won a scholarship. Even at that time, there was no free university. So I don’t know where this person is getting their facts from.

  7. Frank  

    I liked a cartoon I saw yesterday – young guy fronts up to the CEO with a complaint – ‘I’ve been working in the mail room for nearly 6 months – I would’ve expected to be CEO by now …’

    I started my first unpaid job at 11, my first paid job at 13 and have been working for over 50 years.

    So I’m always bemused by 19yo students who have never had a paid job – don’t understand why they should bother to attend class because – oh, they slept in – and don’t understand why they should actually bother to do the required work to pass the subject – gee – can’t I just pick and choose the subjects I’m interested in ?

    I say ‘sure – but you won’t get the Certificate at the end of the semester – that you (or your parents – or the government tax payer) paid for’

  8. Terry  

    Why doesn’t the younger generation realize that they don’t have or are not entitled to an inheritance, that is moneys saved up by their parents to help them in their retirement.
    If the younger generation didn’t expect handouts all the time and worked like their parents and saved they wouldn’t have to expect to receive an inheritance.
    Don’t expect everything to be handed to you on a silver plate.
    Solution? Live within your budget and save.
    Don’t depend upon welfare, work for a living and your self esteem will improve

  9. Joanne  

    We worked full time at VERY difficult jobs, to enable us to send two kids’ to Private School, Grades V-XII, inclusive, plus all the extra-curricular Sports, Social Events etc etc etc, & for them to be fed
    clothed, & go to Holiday Camps.

    In turn they studied hard, got Degree’s through TAFE, & University, & now, are in excellent jobs.

    We financially assisted them with purchase of first cars. We contributed money towards their first houses. Paid substantially for Daughter’s Wedding.

    We haven’t heard them ‘whinge’ to us about ‘inheritance’, but they know it wouldn’t be ‘wise’ to do so!
    Yes, we’ve been Overseas, & toured Oz, & loved both!
    We enjoy going to the Theatre, something we had to forgo when kids’ were at School, as just plain couldn’t afford it.

    All up, what has been spent on kids’ so far, elder being 30yo, I don’t think we’d get any change out of a million $.
    Yes, when we both fall of this mortal coil, they’ll have a Property, & all our ‘worldly goods’ (to sell), but very little cash, as we would’ve enjoyed spending it, doing in ‘mature years’ what we couldn’t beforehand!

    • Alan Sargeant  

      Our situation was very similar to yours. We do not talk about spending our children’s inheritance – our children would rather that we are still here for them and their children’s sake. I hope that we will be able to support our grandchildren in the same way that I received help from my grandfather. Now I enjoy being able to travel and to be able to not think about where the money is coming from.

  10. Stephanie Cocks  

    I daresay the majority of people ‘spending the kids inheritance’ earnt it themnselves, so I think they are well entitled to do what they want with their hard earned dosh. And what’s more the kids should GO OUT AND EARN THEIR OWN, and maybe LEAVE HOME TOO!

    • Jeannette  

      Well said Stephanie . !!! I agree totally !!

  11. I must be one of the lucky ones. My kids encourage me to ” spend their inheritance” . Every one of them says they don’t want my money. They want me to enjoy my declining years. So, I do!

    • That is what all 3 of my children say quite strongly too—–enjoy mum/dad don’t leave us any of your money we want you to have a fab time you have worked hard for it!! So we do too.

  12. Rachael  

    My children, too, encourage me to downsize, go travel and enjoy life. I do recall my own kids having to do without when they were young as We saved for our first modest house. I feel the kids did some of the hard yards too as we, as a family, worked toward financial security.
    While I do feel I can enjoy my retirement, I would like to leave a meaningful inheritance to my kids.

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