When a boomer duo revealed their plan to spend their child’s inheritance gallivanting around the globe, the internet couldn’t help but call them ‘evil’.
As we see more baby boomers hitting retirement and the inevitable, a massive wealth transfer is expected to happen across generations. Millennials are speculated to be on the receiving end of this windfall.
That is unless the boomers decide to have a little fun with their savings first.
In a jaw-dropping twist, a couple from Victoria, Australia, decided to use the money they had saved for their sons’ inheritance to travel the world instead.
Leanne and Leon Ryland, who shared their story on the SBS program Insight, seemed to have no regrets about their decision.
Leanne explained, “We’ve done all the right things by investing in property, boosting up our super, making sure that was healthy, going without a lot of things.”
She continued, “And he said, ‘You’re crazy if you don’t retire when you can, because you’ll spend most of your wealth on travel or whatever in the first 10 years, and then after that it slows down’.
Leanne added, “It’s changing our mindset. You get into a phase now where you actually spend instead of save.”
She humorously pointed out, “Because if we don’t spend it, you know he gets it.”
Since hanging up their work hats, Leanne and Leon have shelled out approximately $114,631 on globetrotting adventures, which have taken them to iconic locations like Machu Picchu, India, Sri Lanka, and the Maldives.
The adventurous couple even started a Facebook group humorously named ‘SKIclub’, which stands for ‘Spending Kids’ Inheritance’.
Leon shared, “We’re not going to be able to spend all this money so let’s do it now because in another 10 years we won’t be climbing the Great Wall of China. We won’t be going up Machu Picchu.”
The reality of skyrocketing living costs means that for many younger folks, receiving help from family might be their only shot at home ownership.
The Rylands’ choice to prioritize travel over financial gifts for their son hasn’t been met with universal applause. Some netizens expressed their disapproval vocally online.
One commenter expressed frustration, saying, “Boomers are evil … bragging about overseas holidays and spending all their money so their kids have no inheritance.”
An amused viewer noted, “SBS Insight tonight is hilarious. Boomer privilege at its best and still not conscious of it. So entitled.”
Yet, their son Alex seemed at peace—or maybe just resigned to his parents’ lifestyle choice.
He remarked, “It’s their money. They’ve worked hard their entire life and invested well in order to get that money, so I think they should be able to do whatever they like with it.”
In a cheeky nod, the writer added, “Alex, blink twice if you’re under duress.”