The Great Wealth Transfer - Foresters Financial

Australia is on the cusp of a transformative period, with a predicted transfer of $3.5 trillion expected to unleash enormous opportunities for national and individual household growth.

This growth will trigger extensive socio-economic change, especially as it relates to family dynamics, with unprecedented opportunities to resolve critical issues such as housing affordability, educational opportunities, and debt reduction.

Regarding gender, with women living longer than men, it will see them receive an increasing share of this wealth transfer – a game-changer as behavioural finance studies show they manage money differently: saving more, a property bias, more ethical, and less risk.

It won’t be all positive: enormous challenges arising from this wealth transfer are inevitable. Part of this will be due to the rising incidence of blended families and growing numbers of stepchildren. Even in traditional families, inheritance disputes are not uncommon.

It means meticulous estate planning and carefully drafted wills will need to become de rigour. Even then, there are no guarantees that costly legal conflicts will be avoided.

The scale of this wealth transference will also expose the reality that many beneficiaries will be financially illiterate. This will generate the need for contemporary financial planning that is readily accessible and not prohibitively expensive, as well as highlighting the need for improved education to increase financial literacy across the populace.

This White Paper will explore these challenges and opportunities in the context of the economy, population growth, fertility rates, changes in retirement trends, the housing market, student debt, superannuation, BOMAD, education, and equity issues.

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