Yet a financial problem my country has is generational wealth transfer, with wealthy kids inheriting large amounts from wealthy parents who did not spend enough.
I fail to understand why this is a problem. One of the reasons I save money is so that my children will have financial security lasting beyond my lifetime.
It is making income disparity worse and causing problems to the larger economy, such as contributing to ballooning housing prices. Wealth accumulates with the retired and elderly, with children generally inheriting in middle age, also becoming rich old people.
For children, it would generally better if you could give them money while you are still alive and while they are at a stage of life they will benefit. Yet over here we tend to have tax and financial laws that discourage that. Or for the more radical socialist mindset, if financial security of your children is what you are after it may be better to massively tax wealth and fund proper social security.
I would be okay with this, but mostly because I had no inheritance. I'm one of those being forced to help my parents with their terrible choices, as well as my partner support her family (4 other siblings with no support structure). It's like generational debt instead for us.
I get the emotions behind wanting to leave inheritances, but we'd be better off as a society long term if we had better safety nets and systems instead.