Baby Boomers Fuel Intergenerational Wealth Transfer

As Australia’s baby boomer generation enters retirement, a significant shift in wealth transfer is underway. With a growing desire to support their children and grandchildren, many boomers are accelerating plans to pass on their assets.

Driven by factors such as rising living costs, increased property values, and potential tax implications, older Australians are exploring various strategies to assist younger family members. From providing financial support for homeownership to funding education, the “grandparent economy” is thriving.

While this trend offers opportunities for younger generations, it’s essential to approach wealth transfer with careful planning. Financial advisors emphasize the importance of open communication, legal considerations, and tax implications to ensure the process benefits both generations.