(03) 9020 2905Depends. Who’s reading this? If it’s Boomers and Retirees, then the answer is “lots. You’re too old to enjoy it. Give it to the kids now, you old geezers!”
If it’s Generations X and Y, then … sod it, we know we really should make our own way. Our parents did a great job of getting us to the starting grid for adulthood. Now it’s their turn to spend their hard-earned on themselves. Let them grow old disgracefully.
The most valuable things my parents gave me had nothing to do with money. Values, manners, gratitude and an understanding of finance.
And, to be honest, I’d rather my parents hang around for a long while, thanks very much. They might need the extra dough themselves.
In general, handing over a kick-start to the children is a lovely idea. But, like kids and toys, there’s less appreciation for gifts than of things that have been earned.
Xers will be on planet Earth longer than previous generations (potentially forever according to Dr Karl Kruszelnicki). And we might need more money to survive that. But honestly, we should be happy with whatever our parents leave behind when the Grim Reaper comes for them.
If older generations do want to give their Gen X kids something, don’t leave yourselves short. For Xers, perhaps something to help with the school fees? Perhaps to help with a house deposit for Xers not mortgaged to the hilt yet.
Otherwise, bugger ’em! They can get what you leave when you shuffle off.
For Xers’ kids … we’re still raising the blighters! Let ’em wait!
Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and principal adviser with Castellan Financial Consulting.