In a world where the term 'Boomer' often comes with a side of controversy, a Victorian couple's decision to spend their children's inheritance on globetrotting adventures has sparked a fiery debate about financial priorities, generational differences, and the concept of 'Boomer privilege'.

Leanne and Leon Ryland, a well-off couple from Victoria, have made headlines and ruffled feathers by openly declaring their intention to use their hard-earned savings to see the world's wonders, rather than leaving a financial legacy for their two adult sons. With an impressive $170,000 already spent on trips to destinations like Machu Picchu, India, Sri Lanka, and the Maldives, the Rylands are the embodiment of the 'SKI' philosophy – Spending Kids' Inheritance.

Leanne and Leon Ryland are spending their children's inheritance on luxury holidays and plan to keep doing so. Credit: YouTube / SBS Insight

Their story, which was featured on SBS Insight, has ignited a conversation about whether Boomers are entitled to enjoy the fruits of their labor or if they have a responsibility to provide for the next generation. The Rylands' approach to retirement is not unique; they are part of a growing trend of older Australians who are choosing to live their golden years to the fullest.

The couple's financial journey began with a visit to a financial planner before retirement, who advised them to take advantage of their wealth while they could. After a lifetime of saving, investing in property, and building a healthy superannuation, the Rylands decided to shift their mindset from saving to spending. They now run a Facebook group called 'SKIclub', where like-minded retirees exchange travel tips and stories.

Leanne Ryland's philosophy is clear: 'Spend now, because if we don't spend it, you know he gets it,' she said, referring to her son. 'In another 10 years we won't be climbing the Great Wall of China. We won't be going up Machu Picchu. We've gotta do it now because what else is there?'

The Rylands' stance has been met with mixed reactions. Some social media users have branded them as 'entitled' and 'selfish,' criticizing their environmental impact and perceived lack of concern for their children's financial future. Others, however, see the Rylands as a symbol of a generation that has earned the right to enjoy their success.

Interestingly, the Rylands' own son, Alex, supports his parents' decision, stating, 'It's their money. They've worked hard their entire life... so I think they should be able to do whatever they'd like with it.'

The debate extends beyond the Rylands, with other Boomers like Lorna Shuker sharing their stories of financial independence and success without parental assistance. Shuker, who came from a poor family, worked her way into a comfortable life, buying and selling million-dollar properties. She offers a critique of younger generations, suggesting they lack budgeting skills and desire instant gratification, as evidenced by their use of services like Afterpay.

This raises important questions for our members: Is it fair for Boomers to prioritize their own enjoyment over leaving an inheritance? Are younger generations unfairly judged for their financial habits? And what does this mean for family dynamics and expectations?

As we navigate these complex issues, it's essential to consider the diverse perspectives and experiences that shape our views on inheritance, entitlement, and the value of experiences over material wealth. Whether you're a Boomer enjoying your well-deserved retirement or a younger person building your financial future, the conversation around inheritance and spending is one that affects us all.

Key Takeaways

• Victorian couple Leanne and Leon Ryland have spent their children's inheritance on luxury holidays and plan to continue doing so.
• The Rylands have visited several international destinations and run a Facebook group to share travel tips with other retirees.
• While some view the Rylands' spending as an exercise of 'boomer privilege' and entitlement, their son supports their decision.
• The programme also featured other boomers and perspectives on intergenerational financial responsibility and personal spending habits.

We invite you to share your thoughts and experiences on this topic. Do you believe in the SKI philosophy, or do you think it's important to leave something behind for your children? How do you balance the desire for adventure with financial responsibility to your family? Join the discussion in the comments below and let's explore the many facets of this modern financial dilemma.

 

[Rob44]

It makes sense to leave a decent lump of money to one's children. It gives them the opportune edge to out-compete their peers in this couldn't-give-a-stuff-for-others society of ours.

 

[SeniorSnoopy]

I 100% support what they are doing. Kids today expect to get an inheritance as their 'right of passage'. It's one thing to help them out when they need it but for them to 'expect' it is another. Why should we work our guts out saving money only to just pass it onto the next generation. We work hard and should be able to spend it how and as we like without being judged. We want to be able to enjoy life and if that includes taking expensive holidays several times a year, then so be it. My mother passed away when I was 14 and my father when I was 53. I never expected anything from them as I was working and making my own way through life. I was 55 before I received an 'inheritance' and that was through the selling of our family home after my father passed. He died without a will so it had to go through probate and that took a while. I used some of the money to renovate my house and put money to one side to pay the water and general rates, car rego and insurance etc., for several years. The remainder of the money I put directly into my superannuation as I knew that I would need it when I eventually retire. I would have much preferred to have had my father still in my life enjoying seeing his lovely face and receiving his bear hugs and kisses. My children, who are now 32 and 34 did not expect anything but they know that when I pass, they will have my house to do with what they please and any remaining money left in my superannuation, if there will be any that is. I am fortunate to have 2 level headed kids that have good paying jobs, own their own apartments and are doing ok for themselves and I know that they are not waiting in the wings for me to drop off so they can inherit my money. They both want me to enjoy my later years and for that I am thankful and love them dearly.

 

[vjones7741]

In my era we were told to work hard and save for your own retirement so you can still enjoy life after you stop work. However during this time parents, through working hard, have brought up their children, food, clothes, holidays, schooling, help with buying cars, first home etc etc.

In this era it’s now, the best private schools, designer clothes, iPhones, iPads, computers, exotic holidays, first home fully furnished Etc etc.

One younger couple (mid 40’s) told me they didn’t bother buying a home as they would rather wait until their parents died.

There has to be a time when siblings fly the nest that they have to stand on their own two feet otherwise you strip them of having any motivation, any drive, any goals.

If you have worked hard all your life you have every right to enjoy the last years of your life however you want.

Kids already have it easy so why should you go without and die not enjoying the last years of your life.
Go spend the lot if you want to that is my motto.

 

[Pommyoz]

We never received Government grants to buy our first home, we didn't have government rulings for dodgy car dealers, we didn't qualify for holidays until you worked a full year, we could never accumulate our sick leave, Superannuation was never heard off until it was too late to save enough for retirement, and the list could go on.
Now, I have holidays annually overseas except through Covid, have a mortgage free home, our cars are fully insured and owned. We get home help fortnightly, and the pension. My only freebie was my fathers estate, when divided by 3, was handy for a new roof, solar panels and a new laundry.
When we go, our home will be sold and proceeds donated to jw.org

 

[Jest]

what the hell has it got to do with any of us? I would be doing the same if I had that kind of money and the health to do it. They were nuts to go on sbs in the first place. I will never understand this kind.

 

[Jest]

It makes sense to leave a decent lump of money to one's children. It gives them the opportune edge to out-compete their peers in this couldn't-give-a-stuff-for-others society of ours.

and you are leaving how much to your kids, if you have them? I came from wealth and the government took most of my Dads' money to care for him. He paid up to almost 101 years of age. NZ government. He paid taxes from age 16 on his own farm. We all have our chances and should not expect from our parents.

 

[darrellh]

You have worked hard for and saved money for your retirement, you are entitled to spend any or all on whatever you want. Particularly while you are fit and active to enjoy it. You never know what is around the corner. I feel the same way and af the end of the day hopefully there is the family home still to be sold after the last one has gone to go to the kids. But meanwhile they should be working and saving hard like we did to make their way and not sitting back waiting for an inheritance to fall into their laps.

 

[Barbara V]

Agree enjoy life whilst you still can

 

[Mummanew]

Their money - their choice

 

[Rob44]

In my era we were told to work hard and save for your own retirement so you can still enjoy life after you stop work. However during this time parents, through working hard, have brought up their children, food, clothes, holidays, schooling, help with buying cars, first home etc etc.

In this era it’s now, the best private schools, designer clothes, iPhones, iPads, computers, exotic holidays, first home fully furnished Etc etc.

One younger couple (mid 40’s) told me they didn’t bother buying a home as they would rather wait until their parents died.

There has to be a time when siblings fly the nest that they have to stand on their own two feet otherwise you strip them of having any motivation, any drive, any goals.

If you have worked hard all your life you have every right to enjoy the last years of your life however you want.

Kids already have it easy so why should you go without and die not enjoying the last years of your life.
Go spend the lot if you want to that is my motto.

Kids have it so easy? Try having children paying off their HECS debts, accrued by kids who have worked very hard to get assorted professional degrees as well as finding their own rent money. My son and his wife worked very hard for 12 years to do just that and they still can't afford a mortgage. I had it easy, back in the day before Thatcher raised her ugly face of callousness and privatisation in the UK , Yes, we might have lived three families to a three-level Victorian-age upstairs-downstairs house before my parents could afford a mortgage and a second-hand car16 years after WW2, but I got decent schooling, fees-paid access to university and also a cost of living grant whilst at university and access to the once-excellent NHS, including opticians and dentists. So that good luck granted me by the then UK society I will do my best to pass onto my son and his wife, as Australia certainly will not do that.

We want tax cuts! We want tax cuts! We want tax cuts! The cry of the feral Australian.

 

[ElizabethL]

Good on them and it’s wonderful that their son is supporting and encouraging them.
At least he’s not a greedy child.

 

[Rob44]

and you are leaving how much to your kids, if you have them? I came from wealth and the government took most of my Dads' money to care for him. He paid up to almost 101 years of age. NZ government. He paid taxes from age 16 on his own farm. We all have our chances and should not expect from our parents.

Of course your father paid income tax on his income from his own farm. But I agree that the NZ government, like most Tory governments, claim no responsibility for looking after people. They would rather waste our money buying stadiums for the AFL rather than keeping public hospitals working effetcively.

 

[Luckyus]

Why not they earned it

 

[Dynamo]

We have chosen 50/50 split between world travel and leaving some money.

 

[Knell]

Kids have it so easy? Try having children paying off their HECS debts, accrued by kids who have worked very hard to get assorted professional degrees as well as finding their own rent money. My son and his wife worked very hard for 12 years to do just that and they still can't afford a mortgage. I had it easy, back in the day before Thatcher raised her ugly face of callousness and privatisation in the UK , Yes, we might have lived three families to a three-level Victorian-age upstairs-downstairs house before my parents could afford a mortgage and a second-hand car16 years after WW2, but I got decent schooling, fees-paid access to university and also a cost of living grant whilst at university and access to the once-excellent NHS, including opticians and dentists. So that good luck granted me by the then UK society I will do my best to pass onto my son and his wife, as Australia certainly will not do that.

We want tax cuts! We want tax cuts! We want tax cuts! The cry of the feral Australian.

"We want tax cuts! We want tax cuts! We want tax cuts! The cry of the feral Australian."
We want to pay more tax - said no-one - ever! Not that I have heard anyway. I believe you are not a fan of Capital Gains Tax? Who exactly qualifies as 'the feral Australians"?

 

[JimmyFlatrock]

In a general sense, I think if I wish to leave funds for my children or if I wish to spend some, then that's my business, no one else's.

I think it's a stupid saying that you are spending the kids inheritance. Nonsensical.

Having said that, I will ensure my Grandchildren get the best start by having funds put aside for their university education. Education should be free for all to achieve learning to the level they are able to. If the govt won't help with that nor help with making home ownership affordable, then I will do what I can.

Did it for my kids, so will do it for the Grandkids in spades.

Curiosity is the most marvellous thing, irrespective of age. I will set aside funds to encourage the continuance of that curiosity I know the kids have.

Most of the wealth in this country has been as a result of property price increases and of course hard work. The hard work, achieving wealth, claimed done by our generation may not be in all cases. What I do know is that it, (property prices) has made home ownership almost impossible for some of our children.

So I think the article misses the point.

Success without parental support might work with the right government policies in place to encourage it. Might even make it easy, but for a lot of our children, the govt policies are leaving them with feelings of despair, rather than being aspirationally inspired, in a lot of cases.

As a consequence I don't see a trip to Machu Picchu as a choice I would make.

 

[Knackers]

Of course your father paid income tax on his income from his own farm. But I agree that the NZ government, like most Tory governments, claim no responsibility for looking after people. They would rather waste our money buying stadiums for the AFL rather than keeping public hospitals working effetcively.

Mmmmm........ sorry to inform you that your fact deficient rant is so flawed that you really need to take a permanent trip back to the "Motherland" to recalibrate! Both the current Victorian and the Federal governments are NOT TORRIES......but.... up to their neck in financing various AFL projects! Their record over the last 10 years or so in "keeping public hospitals working effetcively" could also be considered taking "no responsibility for looking after people."! Get the WHINGE CHIP of your shoulder and take off your blinkers!

 

[Bullwinkle]

I have no biological children of my own. I have a stepson whom I adore and he adores me, he has nothing to do with his biological mother…
We have spoken about inheritance throughout the years….he wants me to enjoy my retirement, spend my money, enjoy those holidays, he wants nothing when I die. In his own words he has had everything he ever needed or wanted from me since I became his “mum” when he was six years old.

 

[MissTui]

Go enjoy. If you leave money to young ones they will go first class.