Boomers don't place an emphasis on inheritance, study shows
In years past many parents planned to leave their children an inheritance when they passed away, but such is not the case for baby boomers. The Los Angeles Times reports that a growing number of members of the generation are instead spending that long-saved money on care for themselves.
The finding comes from a study conducted by U.S. Trust, which polled millionaire boomers. What it found was that just 49 percent of respondents felt that it was important to leave money for their kids. The change in attitude could stem from the fact that many adults feel like they've already provided enough for their children, including paying for college and other expenses.
"I do not see my baby boomer clients giving up a vacation or wine or dinners out so that they can leave more money to their children, because they feel like they've already done it for their kids," said Susan Colpitts, executive vice president of a wealth management firm, told the news source.
One of the most popular ways boomers are spending money is by purchasing vacation homes, especially since prices have been falling in recent years. According to MarketWatch, the median prices on vacation homes fell 11 percent last year, which is certainly appealing to boomers looking to make the most of their money.
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