Gen Z and millennials expect to inherit $124 trillion—but retired boomers are ‘spending their kids’ inheritance’ to go on vacation instead
Source: Fortune ·
Retired boomers are Ski-ing—"spending the kids’ inheritance." It will be a huge shock to millennial and Gen Z who expect a $124 trillion wealth transfer.
From the source
Millennial and Gen Z heirs are eagerly anticipating a $124 trillion “Great Wealth Transfer” as they inherit their parents’ wealth—however, many are set to be disappointed. That’s because new data says boomers are splashing their cash on vacations instead of setting it aside for future generations. It’s become so common that the trend’s even been given a name: Ski-ing. Meaning, “spending the kids’ inheritance.” New data from Abta, Britain’s largest travel trade association, shows that 82% of over-65s took a holiday in the past 12 months, up five percentage points from two years ago—and the company’s CEO says the spike in older people traveling is specifically down to them spending money that would have been part of their kids’ inheritance. A separate report from retirement provider Standard Life found that one in seven British parents plan to prioritize enjoying their money in their retirement over leaving an inheritance. Why boomers are ‘ski-ing’: cash rich, mortgage-free and…