That whole ‘Treat Yo’ Self’ mantra from Parks and Recreation is being taken a little too seriously by Baby Boomers.
According to Toronto-based HomeEquity Bank, 86 per cent of Canadians over the age of 55 are “unwilling to forgo doing, achieving or acquiring something in order to provide a larger inheritance to their adult children.”
Seniors, meanwhile, are splurging during their golden years and don’t really care too much if there’s anything left over for the younger set in their family. Seventy-one per cent of Canadians over 65 aren’t worried about leaving money for their children, and spending by senior husband-wife households grew at 4.7 per cent annually between 1997 and 2002.
Someone should probably let Millennials know because we apparently think we’ll fall ass backward into cash one day.
So how are our parents accessing all this financial freedom to sail around the world every year and shop exclusively in the organic section? Easy answer: home equity.
“[Seniors] have watched the value of their home increase dramatically and they are accessing this equity to enhance their golden years,” said HomEquity Bank senior VP Yvonne Ziomecki.
Not like we’ll know anything about that, of course – owning a home in major cities across Canada is proving to be outright unaffordable for most.
Just look at all the saving we have to do compared to our parents when it comes to buying a place:
Unfortunately, we’re not really saving very well either. As these two Facebook commenters pointed out, it seems that there is a kernel of truth to those generational stereotypes after all.