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Millennial inheritance -

According to the News.com.au article, retired Aussie parents and grandparents (a.k.a baby boomers) spoiling their offspring is a thing of the past.

They are now allegedly focusing more on themselves, and that means, keeping and using their savings for their own life pleasures.

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Where they splash their cash -

Baby boomers are reportedly spending their hard-earned savings in luxury cruises.

Think all-inclusive meals, drinks, entertainment, and waking up in different destinations... it makes sense!

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Luxury cruises -

According to Finder's data, 750,000 Aussies (aged 50 or above) spent $556 million in luxury cruises during 2017.

The same data also suggested that Baby Boomers were spending an average of $1467 on a 9-day cruise. 

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Priority shift -

A survey concluded that most of the 5770 members of the National Seniors Australia are no longer saving their money to pass on to their offspring and grandchildren but rather conserving their earnings to spend and enjoy themselves.

The priority seems to no longer be passing on savings for future generations. 

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Save for themselves - The article by News.com.au interviewed retired Sydneysiders Anita and Allan, both aged 69, who explained, "we've given our children the best education, and they have the best jobs now, and they have to look after themselves."

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Deserving of their money -

The interviewed couple also went on to say, "We can't care for them their whole lives [and] now we're retired we don't have to bother with young children and leaving them behind. We deserve our hard-earned money."

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Where are baby boomers going? -

Aussie baby boomers are reportedly cruising to New Zealand, Asia, Alaska, the Mediterranean, and even Antarctica, according to Finder.

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Meanwhile, millennials... -

Often dubbed as 'lazy', 'easily offended' and 'spoon-fed', millennials have put in a light they perhaps don't deserve. Or so data by The West Australian provides.

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Financially focused - According to the annual Christmas Spending Survey by Homeloans.com.au, as outlined in the article by The West Australian, "young Australians were the most committed to saving money in 2018."

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Money cautious generation - Out of the total 800 survey respondents, 52% of the participants aged 18-24 expressed their plans to save more money in the upcoming year.

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Generational difference - The comparison with the 45-64 aged participants was vast. According to the results of the survey, only 16% of the baby boomers who took part were looking to save money in 2018, rather than spend it.

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Christmas saving: millennials - The survey also revealed that a high 68% of 18-34 year old Aussies put money aside throughout the year ahead of Christmas spending.

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Christmas saving: baby boomers - Whereas only 19% of Aussies aged between 45 and 65 were reported to save money regularly ahead of the holiday season.

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The 'smashed avocado' concept - With their saving efforts in mind, Will Keall from Homeloans.com.au told The West Australia that millennials have been unfairly generalised as the 'smashed avocado' generation for their alleged high spending on brunch dishes.

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Higher cost of living -

Mr Keall went on to explain that the rise of interest rates, the higher cost of living, and the growing inflation in property, bills, and other general costs, have made Aussie millennials "financially stressed".

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The less stressed generation - According to Elaine Miles from McCrindle, a study found that 13% of baby boomers were stressed about money matters.

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The pressured generation -

The same study found that 87% of millennials were somewhat financially stressed, and 36% were extremely stressed. 

Ms. Miles also expressed that "young Australians are under immense pressure to match previous generations."

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Social expectations - Ms. Miles from McCridle also touched on the topic of social media and how it has affected millennials in focusing on what "life looks [like] rather than how it actually is".

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Money regrets - The West Australian article also talks about a study that the biggest financial regret in general, across all generations, was not saving enough money.

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Money regrets: millennials -

Apparently 42% of financially-aware millennials regret not saving more money, according to McCridle's Elaine Miles.

The study also showed that 42% of Generation X (the generation after millennials) also regretted not saving enough. 

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Money regrets: baby boomers -

Baby boomers were, once again, in the bottom of the tier with only 28% of them regretting not saving enough money in the course of a year. 

What do they do to stress less? Ask the baby boomers in your life!

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