In every generation before, there was talk about generational wealth. Leaving something for the next generation. However, many boomers say things like, "I earned it, I will spend it how I want" or, "They need make their own way", "It's good for character".
There are also a group of internet video creators who like to talk about "The largest wealth transfer ever".
Well, things are not really going as people expected.
Instead of the, "i took care of them until they died, peacefully in their bed, and then i inherited their money" stories, i see everything but that.
Many people expect that the largest wealth transfer is supposedly from the boomers (who own two houses) to their children. However, the bankers have plans for that money, and their plans leave everyone broke.
Too little, too late
The boomer generation got most of the benefits of longer lives due to healthcare, sanitation, and not just dying in a bloody war.
This has changed the dynamics that was the norm in previous generations. Where, the eldest son got the house, married his wife, and the parents were moved to a small room, or small house (like the gatehouse) on the property. So, the son now had a place to raise his family. This was in large part because the parents were already in old age, by the time the son was marrying age. Life was shorter, and so the hand-off was at an appropriate time.
Today, the boomers would be late in handing off the house to their grandchildren so they had a place to raise their family. On top of that, the boomers do not want to give up their homes. Even when it is really necessary for them to go into a nursing home, they are loathe to let the next generation have their house.
So, the boomers were really the first generation who didn't recycle houses to the next generation. And so we have
They spent it all on garbage
When i go to visit (usually to repair stuff) boomer's houses, i see some nice furniture, and some nice collections. Often the rooms look planned/decorated, or they look like layers of stuff collected over the years. (all the way to hoarder)
However, if you are looking at such places for actual collection worth, or saleability you find that it is all garbage. Sure that is a nice couch, but you can get a new one for a few hundred dollars. There is no real antiques in their collection. I have seen many pieces that look like fine furniture, with plywood backs, and particle board fillers. Absolute junk for resale value.
And all the collections i have seen… well, if it isn't sterling silver, it is almost worthless. The people who were buying those pieces for collections are the same ones leaving them in their wills. And the same ones the children have to throw out, because no one is even paying shipping costs for them.
Things like "fine" China. It is no longer rare, or even fine. We get much the same, in functionality, from the 99¢ store. And so, if the mother doesn't have a rare and desired pattern it isn't worth anything. And the children, who rarely ate on them, don't want them. So, the set that mother was so proud of, is so much rubbish to everyone else.
So, what many children find is that, instead of getting some nice stuff, or sellable stuff, they have to get large dumpsters and move all the shit (while they are still mourning) into it.
When you spend your whole life trying to be independent, you are a pain to care for
One of the most aggravating things i have found in caring for elderly is those who have been independent all of their lives, and then are really upset that they need someone to help them. Those people who should be thankful for the help, and actually VERY thankful, because being on call for someone is a real burden. But, they are rarely nice, thankful or pleasant.
The boomer generations was pretty much the first generation that thought that living independent was the best way. The first that put career over child raising.
However, money is very attractive to those who don't have it. So, people who expect to get an inheritance, will often put up with a lot. And so, they care for their parents in their final years. (this is not everyone, and not all parents, and temperments range all over…)
So, what happens when the boomer parents are found to have left nothing? They reverse-mortgaged their house to pay for a few more vacations and/or medical bills. The children do all this work, and then find that there was nothing in it for them. How are they going to feel?
What happens when that seems to be the way of things? More and more similar stories. And the younger generation realizes that boomer parent is just sucking away their time. Nothing but aggravation in exchange for burning their life's candle. Are more and more people just going to ignore their boomer parents?
We have really messed up the family unit. The nuclear family is not large enough to raise children and take care of elderly. It is a failed experiment, and we are still building single family homes.
The youngest generation are already moving away from this idea.
The problem is, what will we do with all these boomers that need care in the last portion of their lives? There isn't enough care providers. And the money, that the "wealthiest generation" has, seems to be disappearing. Imagine a stock market crash like 1929, and all the boomers are wiped out. And their houses are worthless because of demographics downturn. And their prize collections are filled with stuff that will fill landfills.
Maybe Canada is correct in building "early termination" pods.
And, this is going to get worse, because many "salesman" type people are doing videos showing how to talk the elderly into things like reverse mortgages, or allowing an assayer into their homes to see if they have anything valuable they can sell. The vultures are already out.
Nothing will be left for the young generations except debt. And, this young generation may throw that off, along with supporting "our" society. Let it all burn down.
Things may get really bad here for a while.