ENTITLED millennials waiting for a hefty inheritance from their folks are set to get a rude shock when their parents sail off into the sunset with their hard-earned cash.
While research shows 68 per cent of cash-strapped Millennials expect to receive a financial bailout, new data shows one in 10 Australian baby boomers are spending their kids’ inheritance – a whopping $556 million a year, in fact – on luxury cruising experiences after helping their kids through school and university.
The data from finder.com.au shows more than 750,000 Aussies over 50 took luxury cruises to New Zealand, the Mediterranean, Asia, Northern Europe, Alaska and Antarctica last year, with couples spending an average of $1,467 for a nine-day trip.
“Retirees have every right to enjoy big expensive holidays with more older Australians than ever taking to the seas,” Finder.com.au’s insurance expert Bessie Hassan told news.com.au
“The older demographic prefer longer expeditions, sparing no expense on transatlantic and world cruises.”
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