The bulk of our population is set to receive inheritances greater than ever in history. The parents of baby boomers have worked hard over the years, wanting to be sure that their children would have more than they did during their lifetime. If baby boomers perceive this windfall as being like winning a lottery, the statistics are not in their favour. People handle different pots of money differently. In Canada, most lottery winners receive their winnings in enormous lump sums and then, just a few years later, statistics show they are worse off financially than they were before they won the money. Are baby boomers destined for the same financial fate as these lottery winners? The source of our money plays a big part in how we spend or save it. Emotional factors also come into play. People with tax refunds, for example, tend to spend them quite carelessly, regarding them as pots of « found money ». The reality is that it was always their money, and it’s just being given back to them by the government – and with no interest. On the other hand, when it comes to RRSPs and pensions, investors tend to be overly conservative, even though
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