What Does Wealth Mean to Today’s Grandparents?
Are we wealthier Like never before?
The following comes from Susan Day’s book, The Top 10 Things Happy Grandparents Never Regret Doing.
Some grandparents are wealthy now than they have ever been before. While some haven’t had the same opportunities and are struggling to make ends meet, many more are able to take advantage of the productive financial climate in which they grew up and have flourished.
Those who were lucky enough to have been industrious, bought real estate, saved their money, and are now enjoying retirement.
Many grandparents fall into the category of “Baby Boomers”. This select group were the most successful individuals in terms of wealth and comfort so far. Born after the Second World War, Baby Boomers worked hard and helped build the society and culture many people appreciate today. They also have acquired a vast amount of wealth.
My Irish grandmother was dirt poor. She drank, she cleaned her home, cooked her meals, and then drank some more. As far as I know she never took a holiday, played golf or enjoyed the finer things in life. She was a product of an industrialized world which removed cottage farmers and sent them to the cities to find work. Many scraped through living miserable lives in dire poverty.
Things have certainly changed
Today grandparents are an economic powerhouse. They control an astounding 75% of the wealth in the U.S. A good deal of that spending power is put to towards grandchildren … A survey by MetLife showed grandparents spend an average of $1,700 their grandchildren annually. (Jeff Anderson)
In 2014, it was reported that in the US alone, Baby Boomers held 80% of the country’s wealth.
The Grattan Institute claimed … households whose main residents are aged between 55 years old and 64 years were $173,000 richer in real terms in 2011-12 than the same cohort was eight years earlier.
Business Insider reported that:
…the boomers are expected to transfer some $US30 trillion in assets to their heirs over the next 30-40 years in just the U.S.
One thing many grandparents are not short of is money. And that money is going to allow them to remain healthier, and have access to a great deal more resources over time. It is going to allow them to take advantages of travelling opportunities, and much more.
What to do With All That Wealth
So, what are we grandparents doing with all that money and wealth?
Well, for one I hope you are enjoying it and taking good care of yourself.
Are you showering your grandkids with love and spoiling them with presents?
What’s the most generous thing you have done to share your wealth with your family?