A sum of $706,806 at 55. That’s the average inheritance Australians receive and the age at which they get it.
Such gifts are, of course, welcome. But the money often comes at the tail end of the years of greatest financial squeeze – when building a career collides with hefty mortgage repayments and the costs of raising children.
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Michelle Bowes writes about wealth from our Sydney newsroom. She has more than 20 years of experience as a business journalist and is the author of Money Queens: Rule your Money, an award-winning personal finance book for teenage girls. Email Michelle at michelle.bowes@afr.com
