A wealthy baby boomer couple have been branded “selfish and entitled” after revealing they planned to spend their children’s inheritance on lavish holidays.
Victoria parents Leanne and Leon Ryland appeared on SBS show Insight to discuss why their two adult sons will not receive any of their inheritance.
Since retiring, the couple have spent $114,631 to see the “wonders of the world”, traveling to places like Machu Picchu in Peru, India, Sri Lanka and the Maldives.
In fact, they plan to continue traveling, joking that their sons will only inherit the “shelf of junk” they’ve acquired along the way.
“It changes the way we think.”
The couple began jet-setting around the globe four years ago after consulting a financial planner about retirement.
“We’ve done all the right things: invested in real estate, built up savings, maintained a healthy lifestyle and held back a lot of things,” Ryland said on the show.
“And he said, ‘It would be crazy not to retire when you can, because in the first 10 years you’re going to spend most of your money on travel or whatever, and then it’s going to keep declining.'”
“Our mindset is changing. We’re moving away from saving money to actually spending it.”
Not only did the couple adopt that mindset themselves, they also took steps to help other wealthy older parents make better use of their children’s inheritances.
They started a Facebook group called “SKIclub” where retirees can share travel tips.
“I need to use it all up right now.”
Ms Ryland said on the show, referring to her son, that she tries to convince her husband to travel more because “if we don’t spend, he gains.”
“We can’t spend all this money, so we do it now, because in 10 years we won’t be able to climb the Great Wall, we won’t be able to climb Machu Picchu,” she said.
“We don’t do those things, so we have to do it now. What else can we do?”
Ryland also said she’s met many couples her age who share the same ideas about retirement.
“Baby Boomer privilege is awesome, and we don’t even realize it yet.”
Viewers of the show were quick to slam the Victorian couple as “arrogant”.
“Tonight’s SBS Insight was hilarious,” one person wrote on social media. “Baby boomer privilege is at its peak and we still don’t realise it. So arrogant.”
“Baby Boomers are evil… they brag about traveling abroad and spend all their money so they don’t leave an inheritance for their kids,” another wrote.
Despite the backlash, the couple’s son, Alex, said he supports his parents’ decision.
“It’s their money,” he told the show.
“They’ve worked hard and invested a lot to earn that money, so they should be able to do whatever they want with it.”
