Culture Post: Young Adults Say They’re Fine with Older Generations Spending All Their Retirement Savings

Seniors are getting a new incentive to spend big during their retirement. Normally, it’s been an age-old custom for parents, grandparents, and other aging relatives to pass down their remaining wealth to their kids when they die. However, at least in Australia, a new study finds older adults are looking to spend every last dollar before they go. Even more surprising, many younger adults say they’re fine not receiving an inheritance.

Researchers at the University of South Australia say their findings show a changing mindset among younger generations; with many believing no one owes them anything – even their families. Study authors also argue it gives lawmakers incentive to reconsider policies regarding inheritance and estate taxes.

In Australia, lawmakers abolished taxes on money that a family member passes on to their relatives 40 years ago. In that country, an inheritance is the only major form of income that is still tax-free. However, with more young adults saying that their parents should live it up in retirement, researchers say why not bring the inheritance tax back for the fewer cases of passing down wealth?

The study appears in the Australian Journal of Political Science.

Source: StudyFinds
https://www.studyfinds.org/no-inheritance-spending-retirement/

Find more culture news on HomeWord’s Culture Blog, named in 2021 for the sixth consecutive year, as one of the top 50 culture blogs on the planet!

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[reposted by] Jim Liebelt

Jim is Senior Writer, Editor and Researcher for HomeWord. Jim has over 35 years of experience as a youth and family ministry specialist, having served over the years as a pastor, author, consultant, mentor, trainer, college instructor, and speaker. Jim’s HomeWord culture blog also appears on Crosswalk.com and Religiontoday.com. Jim and his wife Jenny live in Quincy, MA.

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