- Concerned Millennials as Boomers Prioritize Traveling with Entire Wealth Inheritance
In the world of the Daily Mail, a 34-year-old, penniless millennial finds herself in a predicament that is becoming all too familiar for her generation. With student loans weighing heavily on her shoulders and no savings to speak of, she had hoped for a generous intergenerational transfer to help her afford a property and start a family. However, her hopes are dwindling as she watches her inheritance being spent on expensive travel by her parents.
The author's parents, who are part of the Baby Boomer generation, are traveling extensively, a luxury that is not funded from their pocket change. The mother justifies their travel expenses with the phrase 'YOLO!' (You Only Live Once), a sentiment that seems to be echoing among Boomers, a generation that has accumulated significant wealth but was never a generation of sacrifice.
The focus of the article is on the middle class and the potential breakdown of the old intergenerational contract, where Boomers might not leave substantial inheritances. A study by Moneyfarm supports this claim, finding that house price growth outpaces wage growth, leading to millennials being poorer than previous generations. Chris Rudden of Moneyfarm advises millennials to plan for their future, as they might not inherit as much as they expect.
The study also found that 40% of heirs aged 35 to 50 fear their parents will squander their wealth instead of leaving it as an inheritance. Disputes about this issue have already occurred in 20% of cases, according to the study. About 60 percent of the Baby Boomer generation in Germany fear that their inheritance will not be passed on as an inheritance but rather consumed during their lifetime.
The author's concern goes beyond her parents' travel expenses. She cannot afford a driver's license, while her parents buy a new car every few years. Flowers are delivered to car dealers after purchases made by her parents, a fact that has not escaped the attention of the internet. The anonymous author has become the subject of ridicule, her financial situation a laughing stock for some.
The situation is not unique to the author. The millennial generation is finding it increasingly difficult to accumulate wealth due to factors like stagnant wages, the job market, education costs, and consumer behavior. The Boomers, with their extravagant spending habits, are adding to the woes of the millennial generation.
The author's story serves as a stark reminder of the changing dynamics of wealth distribution and the need for millennials to plan for their future. As the Boomers continue to enjoy their travels and material possessions, the millennials are left to grapple with the reality of a shrinking inheritance and a future that seems increasingly out of reach.
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