Aussies want their parents to spend their nest egg
New research has found that most Australians would rather see their parents and grandparents spend their retirement savings than receive an inheritance.
In the last 20 years, inheritances in Australia have totaled almost $1.4 trillion, averaging out to about $67 billion a year.
The average inheritance is approximately $125,000 and goes to a recipient of about 50 years of age.
The new report from CompliSpace has suggested a shift in attitudes for how Aussies think about inheritances, while also helping to bridge the aged care funding shortfall, which is set to increase.
It is estimated that the Australian government spends approximately $24 billion each year on aged care, which is less than half of the global average.
Melbourne woman Louise Lucas shared her attitudes on her parents spending their nest egg, telling 9news.com.au she was “heartily all for” her parents leaving her nothing in their will, as long as they had a comfortable retirement.
"I'm a mortgage broker and I've met a lot of retired people who are just hanging on and not living very well," she said.
Louise went on to say that while it is better for older people to spend their money during their retirement years to live comfortably and stay active, it would also give the economy a boost.
"Money's for experiences, you'd like to think, not things," she said.
"If you've got more than $100,000 in the bank when you die, you've wasted your time and money."
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