Over the coming 20 years Australia will undergo an estimated $5.4tn transfer of wealth from older to younger generations, but it won’t be felt equally across demographics.
It is predicted to further concentrate wealth among the wealthy, and further entrench poverty at the other end. It will put the old truism of “money begets money” into hyperdrive.
Former Treasury secretary Ken Henry calls it part of a tax system failure that is an “intergenerational tragedy”.
Are you expected to inherit money and do you look upon it as a way to get ahead? Perhaps you do not expect inheritance to be part of your life at all? Are you the one doing the giving to help your children?
