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Baby Boomers Not Saving Money for Future Generations

by Staff

in Aging, Retirement

Members of past generations saved money for their children and grandchildren, especially if they were from the Lost, the Greatest or the Silent Generations. Whether they grew up with money or not, thrifty habits and lean spending were the norm, and the remaining money that they made and saved was passed down to their children, grandchildren and great-grandchildren.

According to the U.S. Trust, who recently completed a survey of baby boomers (those born between 1946 and 1964, just for the record) barely half believe in saving any money for future generations to inherit. The other 49% of those surveyed are of the mindset that they made the money, and worked hard to get it, so why save it for their future generations. Except for the amount set aside to cover funeral expenses, the people in this latter category plan on spending every dime on themselves and intend on enjoying their retirements.

The reason for this? Some are afraid that their kids will not spend the money wisely, and will end up running through it quickly on expensive and flashy impulse buys and lifestyle upgrades. Others say that their kids don’t even know how much they are truly worth. Plus, after a lifetime of hard work and socking away money, these baby boomers can now take their retirements in stride and use their hard earned money to live the lives that they have always dreamed of, whether they consist of extensive traveling, buying a second home on the beach or waterfront, or simply upgrading their main homes to ones that they have always dreamed of.

While there are absolutely no laws stating that baby boomers have to save money and leave each of their children an inheritance, the results of this survey do show how different their way of thinking is compared to prior ones. Baby boomers grew up during turbulent times of a different sort than their parents and grandparents did, and that is clearly apparent in their opinions on inheritance.

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