Do you believe that the so-called generational wars are a media beat-up? Or is there actual conflict between baby boomers and their children for a fair share of the financial pie?
It’s a question worth considering at a time when Australia is undergoing the largest ever intergenerational transfer of wealth – calculated to be worth some $3.5 trillion over the next 20 years.
Have you thought about your own situation? Have you considered how much you might be prepared to give – and when?
A recent report from financial services company, AMP, had some interesting insights.
Some believe that baby boomers are a ‘greedy’ generation, pocketing bumper tax concessions and giving little back. But the AMP findings suggest something different, with four in five Australians aged 65 and over believing that their children face similar or harder financial challenges than they did growing up. This is borne out by facts that baby boomers aged 25-39 (in 1991) were three times more likely to own their home outright than those aged 25-39 (in 2021).
