Sorry millennials, this is where your inheritance is going

MILLENNIAL moochers, your time is up. This is what your inheritance is being spent on instead.

GONE are the days retired parents and grandparents exist purely to dote on their offspring, with their hard-earned savings funnelled straight into greedy young pockets.

Australia’s restless baby boomers have found something new to splash their cash on — and they’re spending a massive $556 million a year.

More than 750,000 Australians aged over 50 took luxury cruises last year, according to new data from finder.com.au. That’s about one in 10 baby boomers hitting the high seas.

And their love affair with cruises was worth about $556 million in 2017, according to finder.com.au, with couples spending an average of $1467 for a nine-day trip.

Australian over-50s are splashing big money on luxury cruises. Picture: iStock

It comes as a survey by National Seniors Australia of 5770 members found conserving money to pass onto children is no longer a top priority — and many are spending that cash on their own travel instead.

Sydneysiders Anita and Allan, both 69, are among them.

The couple adore their two adult daughters but they’ve recently discovered another priority: cruise holidays. And they take several trips a year.

Anita told news.com.au while the couple helped support their children through school and university, it was time to focus on themselves.

“I think it happens to a lot of baby boomers like us, because we’ve given our children the best education, and they have the best jobs now, and they have to look after themselves,” she said.

Allan and Anita are among the Aussie baby boomers hitting the high seas on cruise holidays.

“We can’t care for them their whole lives, and where time and money permits, go for it.”

Anita said she and her husband hardly travelled until after their children finished university and now they’ve awoken a whole new interest, which their daughters encourage.

“We had to save as much as we could and pay off the mortgage and travelling at the time wasn’t really our priority at all. Our priority was to get our two girls educated,” she said.

“We deserve our hard-earned money.

“I always love to travel because it’s wonderful to meet new people and experience things I have not experienced before.

“Now we’re retired we don’t have to bother with young children and leaving them behind, so it’s like OK, if we feel this trip is to our interest (we can) just pack up and go without having to worry much.”

Anita said cruises have taken her all over the world, with Alaska among her favourite locations.

Anita has taken nine cruises so far, with a tour around Alaska the standout among them.

“For our age, the thing is that with cruising it’s really relaxing,” she said.

“I know the younger people don’t like cruises because they think they’re on the cruise ship all the time and don’t have much to do, but actually, you can do quite a lot.

“They really try and cater to everything. If you want to do nothing, no one cares. And the air is so fresh because you’re right in the middle of the ocean.”

According to research by finder.com.au, Australian baby boomers are cruising to New Zealand, the Mediterranean, Asia, Northern Europe, Alaska and even Antarctica, where the average age of intrepid Aussies visiting by cruise last year was 67.

Finder.com.au’s insurance expert Bessie Hassan said cruising was at the top of many senior Aussies’ bucket lists.

Cruise holidays are becoming more of a priority for Aussie seniors than leaving a large inheritance for their offspring. Picture: iStock

“Retirees have every right to enjoy big expensive holidays with more older Australians than ever taking to the seas,” she said.

“The older demographic prefer longer expeditions, sparing no expense on transatlantic and world cruises.”

But Ms Hassan said it was important all travellers — especially senior travellers — got adequate travel insurance before heading off.

“Cruise travel insurance is extremely important, and even more so as we age,” she said.

“What many people don’t realise is that you need to take out a travel insurance policy for seniors with additional cruise cover.

“Stand-alone cruise insurance policies tend to offer higher benefits and additional coverage options, often for a cheaper price.”