Great Wealth Transfer noun [S]
UK /ˌgreɪt ˈwelθ ˌtræns.fɜːʳ/ US /ˌgreɪt ˈwelθ ˌtræns.fɝː/
the gradual movement of money from baby boomers (people born in the mid-1940s to mid-1960s) to younger generations, either given as gifts or passed on through inheritance
Ultimately, while the specific impacts at this stage remain relatively unknown, it’s important to acknowledge that the Great Wealth Transfer won’t just be about passing down money to adult children. It’s clear the transfer will redefine many aspects of the economy. So, what can you do today to stay ahead of the economic changes coming?
[entrepreneur.com, 27 September 2022]
effective altruism noun [U]
UK /ɪˌfek.tɪv ˈæl.tru.ɪ.zᵊm/ US /əˌfek.tɪv ˈæl.tru.ɪ.zᵊm/
a movement and area of research that aims to work out the best way of helping other people and solving the world’s problems
In a few short years, effective altruism has become the giving philosophy for many Silicon Valley programmers, hedge funders and even tech billionaires. At its core, effective altruism is devoted to the question of how one can do as much good as possible with the money and time available to them.
[nytimes.com, 8 October 2022]
thriftifarian noun [C]
UK /ˌθrɪft.əˈfeə.ri.ən/ US /ˌθrɪft.əˈfer.i.ən/
someone who is well off but pretends they have to spend less money and not buy certain things so that they appear to be in the same situation as most other people
I came up with a name for a similar group of people: “thriftifarians”. These are middle- or upper-class people who take virtuous pleasure in the selective economies they don’t need to make, especially during times of recession. It seems the thriftifarian is back, only this time what matters most is signalling your fictitious need to economise, whether you actually do so or not.
[theguardian.com, 17 October 2022]