"Families need to be aware that what we are talking about here is the transfer of intergenerational wealth, not to families, but into the pockets of large multi-nationals. Shame about elderly people not having enough money for aged care."
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Sunday, 23 June 2019
The Transfer of Intergenerational Wealth.
Issues with the retirement village industry can be best summed up by the following statement from Mr. Tom Gait, the then President of the Retirement Village Residents Association.
"Families need to be aware that what we are talking about here is the transfer of intergenerational wealth, not to families, but into the pockets of large multi-nationals. Shame about elderly people not having enough money for aged care."
"Families need to be aware that what we are talking about here is the transfer of intergenerational wealth, not to families, but into the pockets of large multi-nationals. Shame about elderly people not having enough money for aged care."
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Function of Government
The role of government is to create an environment for commerce to function whilst at the same time protecting retirees and particularly vulnerable retirees from both financial and emotional harm emanating from that function.
The Victorian Retirement Villages Act 1986 provides the environment for commerce to function but fails to fully protect retirees from financial and emotional harm as a result of it.
The Victorian legislative definition of a retirement village in demanding the payment of an 'in-going' amount without the transfer of property ownership is a major contributor to that financial and emotional harm suffered by retirees.
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