Reimagining Legacy report
Helping your clients build, protect, leave and preserve their legacy for generations

Australians are excited to leave a legacy but for the majority it’s seen as ‘tomorrow’s problem’. Many are overwhelmed by the options out there, but with the support of a financial adviser, and Generation Life’s innovative, tax-effective solutions, they can build, protect, leave and preserve the legacy they’ve always dreamt of.

Research summary

Generation Life’s Reimagining Legacy research has revealed a knowledge gap in the market on how Australians should best build, protect, leave and preserve their legacy.

Key insights
Not tomorrow’s problem
Over 67% of Australians are confident they will leave a legacy for future generations, yet only 14% have a plan to do so.
Hope isn’t a strategy
77% of Australians have wealth goals, but almost a third haven’t achieved any of them, with just 10% using the support of a financial adviser.
Saving for a happy retirement is Australia’s #1 financial goal
But a financial knowledge gap amongst over-50s means they could be missing out on the retirement they deserve.
A lost opportunity for future generations
1 in 3 Australians believe superannuation is the best way to optimise wealth and leave a legacy, despite this not being its purpose.
Why is this important?
We’ve reached a generational turning point

2021-2027 represents the peak of the Australian Baby Boomer retirement surge. Baby Boomers hold approximately $4.9tn in assets* and it is estimated that $224bn will be passed on each year in inheritance by 2050.^

It’s time to take another look at investment bonds and investment-linked lifetime annuities as unrivalled estate planning and retirement income solutions that can empower Australians to maximise retirement income and retain greater controls to transfer wealth to the next generations with certainty.

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Generation Life Limited (Generation Life) AFSL 225408 ABN 68 092 843 902 is the product issuer. The information provided is intended for use by licensed financial advisers or their authorised representative(s). This communication is general in nature and does not consider the investment objectives, financial situation or needs of any individual, and is not intended to constitute personal financial advice. The product’s Product Disclosure Statement (PDS) and Target Market Determination are available at and should be considered in deciding whether to acquire, hold or dispose of the product. The offer made in the PDS is only available to persons receiving the PDS in Australia. Investments carry risk. Professional financial advice is recommended. Generation Life excludes, to the maximum extent permitted by law, any liability (including negligence) that might arise from this information or any reliance on it. Unless noted otherwise, references to percentages or figures of Australians are based on the results of surveys described in the Generation Life Reimagining Legacy Guide 2023 available above. For research methodology refer to the Generation Life Reimagining Legacy Guide 2023. Past performance is not an indication of future performance.


* Core Data 2023
^ Vickovich, A. 2021, “Baby Boomers to pass on $224b a year by 2050”, published in The Australian Financial Review on 7 December 2021