Young, single… and unprotected

If you are in retirement mode – and especially if you are thinking of downsizing -you may be looking at passing precious possessions to your children or grandchildren. There may be just one small problem….

Do they really want them? You COULD be in for a surprise!

Many of our younger generation are simply not interested in inheriting a lot of the items we hold dear. Tastes have changed – minimalist is ‘in’ and clutter is‘out’.

Gens Y and Z identify more with their current social profile than they do with family heirlooms from the past. They are also mobile generations, often choosing to work and travel abroad. Storing boxes of‘stuff’ is just NOT on their radar.

Where does that leave our precious‘stuff’?

It can be difficult to accept our kids don’t want our belongings but what matters to US is that they don’t end up going to waste.

So how do you downsize without your past ending up as junk? Here are our tips:

• Ask your kids/grandkids to choose one or two items they would really like and give them to them NOW.

• Donate furniture etc to charities or community programs so they go to someone who needs them.

• Scan photos and albums to create a digital photo book you can store and share online with your family NOW.

• Sell items you no longer want, need or have room for. Ebay, Gumtree local buy, swap, sell sites make it so easy.

A word of warning! Research their value first – you just might be selling something of great value.

Consult your financial adviser to explore any tax implications such as whether capital gains tax may be payable. It’s also a good time to make sure your will is up to date.

Young, single… and unprotected

Our younger generations have moved on from the ‘old ways’. Our articles in this issue about single, female first homebuyers and kids not wanting to inherit our ‘stuff’ are clear indicators they are determined to do it THEIR WAY.

Statistics show Gen Ys are generally marrying and having children later (if at all). They are also the most educated generation in history (a label that will soon be eclipsed by Gen Z). Most are well entrenched in the workforce with many enjoying relatively high disposable incomes.

So what DO they spend their money on? Well…

Gen Ys are now starting to enter the property market – whether it be as first home buyer singles or couples.

Statistics also show that 1 in 5 Gen Ys are now ‘rentvestors’, ie they buy an investment property while still renting where they want/need to live or living at home with parents. That’s a great start to building future wealth!

Others are still enjoying spending their disposable income on key interests of their generation such as technology,(lots of ) travel, good times and rangeof leisure activities they love. The world is certainly their oyster.

So what about their future?

Doing it their OWN way – and frequently on a single income – could lead to one very critical risk they may not have considered….

What happens if something happens?
How do they protect their future?

When you’re young you don’t think about the possibility of something going wrong. If you are single and you depend on YOUR income for all of your living expenses what would be your plan if that changed?

Have you considered income protection insurance? It just could be the type of insurance you are VERY glad you have IF you ever need it.

Want to know more?

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