Why do boomers hold off on sharing their assets with their children?

“Making inheritance decisions while grieving or under stress can complicate conversations. The best outcomes come from planning early, when emotions are less heightened and everyone has the chance to be heard.”

Australia is experiencing the biggest intergenerational wealth transfer in history.

Baby boomers have worked hard to accumulate significant assets, while younger generations are often juggling mortgages, rising living costs and the pressures of raising families.

Despite the need, many boomers hesitate to pass on their wealth sooner.

So what’s holding them back?

Different money habits: Boomers have learned to live without, while younger generations often embrace a “you only live once” mindset.

Fear of relationship breakdown: With divorce rates near 50 percent, parents worry early gifts could be lost in separation.

Concern about entitlement: Older generations want to help, but they fear it may change relationships.

These fears create a natural tension.

On one side, there’s a generation that values security, delayed gratification and careful saving. On the other, there’s a generation facing financial stress during the most expensive years of their lives.

Both perspectives are real, and both deserve to be acknowledged.

That’s where open conversations make the difference.

When families talk honestly about fears and expectations, hidden concerns come to the surface. Parents can explain why they hesitate, and children can demonstrate that they understand and respect those worries. Once the real issues are out in the open, practical solutions — such as financial agreements, legacy-focused gifts, or staged transfers — become possible. Without those conversations, assumptions and misunderstandings can quietly erode trust.

As Senior Wealth Adviser at The Wealth Designers, Dawn Thomas, told ABC radio recently, there are a few ways to get started:

Ask parents what their concerns are, and listen without judgement.
Show responsible money habits that build confidence.
Consider protections like financial agreements to safeguard inheritances.
Focus on shared values, such as education or housing, as tangible ways to pass on a legacy.

The great wealth transfer is underway. Families who approach it with open conversations will not only protect wealth, but also preserve relationships for the next generation.

Let’s talk about your family’s financial future. Contact us today.