Are you a selfish generation?

While there isn’t anything set in stone that you should be leaving your cash to your children, it seems to

While there isn’t anything set in stone that you should be leaving your cash to your children, it seems to be that many expect it to happen.

However, two in three of you say you’ll be spending all of your hard-earned cash instead of passing it on and for that reason you’ve been called ‘selfish’.

This news comes after a study has shown the children of baby boomers are facing financial shock and poverty in their old age unless better pension provisions are made for them.

One in four children say they are relying on inheriting the money you have built up over the years so that they have a hope of retiring in financial security, even though you’re within your rights to say you won’t support them.

“People often expect and rely upon potential inheritance from parents or grandparents and in many cases are let down by the actual contents of the will,” says Andrew Leakey of law firm Stephensons (the group that carried out the study).

Yet inheritance disputes are known to get out of hand, dividing families across generations. Almost half (48 per cent) of the adults who responded to the study admit they have not discussed the contents of a will with all the people they intend to inherit from.

What are your views on ensuring your children are taken care of with an inheritance? Do you think it is acceptable for your children to expect there will be money left to them when you die? Have you discussed the contents of your will with your children?

  1. Yvonne  

    I’m very luck. My 3 tell me “you earned it Mum and you raised us so it is time for you to spend on yourself. We don’t need it”. So have done some travelling and some renovations to my house. I am 73 so am enjoying my retirement.

  2. Ronin  

    My family have a long history of spending it before they depart, and that’s how it should be. Not expecting a safety net inheritance focuses you on making it yourself.

    A friend’s grandmother died at 103, so her father got his inheritance when he was 81!

  3. If you have plenty of money and you want to leave your kids something that’s fine but if you don’t want to then don’t. Why not enjoy your twilight years. Kids of today want everything all at once and are not willing to go without to set themselves up like we had to. I have 4 kids 3 of whom don’t have anything to do with me but I bet when I die and my husband has gone they will contest the will. Morally they have no rights to do that but legally they can. All of my kids have tried to bleed us dry in one way or another.

  4. Susannah Lee  

    Let’s not call them ” kids”. They are adults likely to be in their 40’s. Unless there is good reason for y to want to leave money to any one of them such as furure care for a disabled person, then spend it. You saved it no doubt for a rainy day, well it is raining!

  5. Robyn  

    My father was a generous man who thankfully I take after, I intend to leave as much as possible to my children while not living in poverty myself. This has been my intention since long before they were born. When I entered the workforce in 1983 it was already well known and publicised that the age pension was unsustainable, most people ignored it and still are, I didn’t and will be a self funded retiree even though I have only ever earned an average wage. Just didn’t spend wildly like many of my peers.

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