A couple has been branded ‘evil’ after spending their sons’ inheritance on luxury vacations.
Two ‘baby boomers’ have bucked the trend of passing on their wealth and instead, blown it on themselves.
Since sharing this on television, the wealthy couple has faced major backlash from the online community.
One person fumes: “Boomers are evil, bragging about overseas holidays and spending all their money so their kids have no inheritance.”
In agreement, another adds: “Boomer privilege at its best and still not conscious of it. So entitled.”
Others have taken to the couple’s defense and said they should be able to do what they want with their money.
“It’s their money, they earned it, they can spend it how they want. Besides, if either of them needs care in later life it would have gone on that, so they might as well enjoy themselves while they can!” writes someone else.
A second person comments: “It’s not a parent’s job to leave their children an inheritance. Their job is to love, feed, clothe, and teach them to survive on their own. If they get left something then great, if not so what.”
Leanne and Leon Ryland, from Victoria, Australia, revealed their plans to spend their two adult sons’ potential inheritance on the SBS program Insight.
They disclosed that they had already spent $114,631 on exploring global landmarks. They’ve visited numerous destinations, including Machu Picchu in Peru, India, Sri Lanka, and the Maldives.
Humorously, they said their sons would inherit a ‘shelf of s***’ from their travels.
The couple decided to splash the cash after consulting a financial planner who advised them to enjoy their wealth.
Leanne said: “He said, ‘You’re crazy if you don’t retire when you can because you’ll spend most of your wealth on travel or whatever in the first 10 years, and then after that it slows down.’
“It’s changing our mindset. You get into a phase now where you actually spend instead of save.”
Now, they’re encouraging others to do the same.
The Rylands have created a Facebook group called SKIclub, an acronym for ‘spending kids inheritance,’ to support other retirees and create a space for travel tips.
Leanne said: “We’re not going to be able to spend all this money so let’s do it now because in another 10 years, we won’t be climbing the Great Wall of China.
“We won’t be going up Machu Picchu. We won’t be doing those things. So we’ve gotta do it now because what else is there?”
Although the Rylands have drawn criticism for their attitude, one of their sons has defended their choice.
On Insight, he said: “It’s their money. They’ve worked hard their entire life and invested well in order to get that money, so I think they should be able to do whatever they like with it.”
For a large majority of millennials, born between 1982 and 1994, money has particularly become an issue regarding buying a house.
This generation faces significant challenges in homeownership due to higher debt levels, lower net worth compared to previous generations, and limited housing supply, as reported by Business Insider.
It’s estimated that the average age of a first-time homebuyer is now 36.
While many ‘baby boomers,’ people born between 1946 and 1964, now have the cash to live out their dreams.
In an interview with CBS News, Washington Post business reporter Julian Mark elaborates: “[Baby boomers] have built housing equity over their working lives, and they have been able to build wealth, and now they’re buying their dream vacation home or their second home.
“They just have more money.”
