Baby Boomer Kids Not Inheriting Much

Following on our recent discussion on this site on whether boomers will leave money to their children, a recent blog post talks about the issue from a younger Mother's perspective.

Baby Boomers Kids Not Inheriting Much. What About Yours?

Posted by madeline holler on September 7th, 2011 at 4:54 pm

Will you leave anything for your kids?

You know that obnoxious bumper sticker, “I’m spending my child’s inheritance?” Well it’s true. All that money your parents may have scrimped and saved they’re now spending. On themselves.

Oh, but your parents are rich? Yeah, they’re even more likely to be blowing it on travel, wine and other post-retirement pleasures.

The investment firm recently surveyed millionaire baby-boomers and what they found surprised them. Not even half said it was important to leave money to their kids when they die — some even saying they will have failed if their account balance isn’t zero on the day they die.

Yikes!

Americans between 47 and 65 are considered part of the baby-boom generation. There are 77 million of these post-war kids of the sixities, who are known for their if it feels good, do it mentality. Apparently, retiring comfortably and having fun feels good. So they’re doing it.

Some of the people surveyed said they worry about making their kids feel entitled, if they were to leave a pile of money behind. Others worry their kids will just blow it. Then there are those who say they’ve already paid for fabulous educations and ponied up for lavish weddings and/or down payments on a house. What else could their kids want?

I kind of love that attitude. A few years ago, super-rich celebrity chef Nigella Lawson said she was going to leave her kids nothing — for their own good.

I have no idea how I’ll feel once my kids are grown. But I know right now, I’d like to leave something slightly substantial (but, doubtfully, life-changing tons) behind for all three of my kids — something beyond not leaving behind financial burdens on them. What substantial will be decades from now — and whether it will even be possible — is still a mystery. But I like to tell myself I’m not raising entitled, aimless kids. They’d be smart enough to know what to do with any kind of legacy.

What about you? Do you think you’ll leave anything for your kids? Or do you think all that breastfeeding and organic food and college savings is enough for one kid?