Having lived and worked in Japan with my family, I’ve long been influenced by the concept of Ikigai. A deeply personal philosophy centred around purpose and meaning. More recently, I’ve had the opportunity to present several times here in Australia on the trends and challenges surrounding intergenerational wealth. It struck me that there’s a powerful connection between these two themes. Ikigai offers a valuable lens for families to approach wealth transfer not only with clarity, but with intention.

Understanding Intergenerational Wealth Shifts

Wealth transfer is not a passive event. It’s an active, often emotional process. In Australia, it typically involves the movement of property, superannuation, shares, businesses and personal savings. As life expectancy rises and family structures evolve, the question is not just when this wealth will be transferred, but how it will be done in a way that promotes financial wellbeing, responsibility and purpose across generations.   

Families today face complex questions:

• How do we ensure our children or grandchildren are prepared for financial responsibility?

• How do we align our financial legacy with our personal values? 

• How do we avoid entitlement and encourage contribution? 

These questions aren’t easily answered by tax strategies or legal structures alone. They require intention, conversation and this is where Ikigai becomes particularly powerful. 

What Is Ikigai?

Ikigai is a centuries-old Japanese philosophy that encourages people to find a sense of purpose by aligning four elements:

1. What you love

2. What you are good at

3. What the world needs What you can be paid for (or what creates value)

It’s the convergence of passion, mission, vocation and profession. For Australians navigating wealth transitions, Ikigai offers a human-centred perspective on money, not as an end goal, but as a tool to enable a meaningful and intentional life.

Linking Ikigai to Wealth Transfer

The transfer of wealth across generations is not simply a financial transaction; it’s a transfer of values and perspective. When families embrace Ikigai, wealth conversations become more constructive, more purposeful, and more closely tied to long-term wellbeing. Here’s how the Ikigai framework can support intergenerational wealth decisions:

1. Purpose-led Planning

Rather than focusing solely on tax effectiveness or asset division, families can explore the why behind the transfer. For example:  

• “What do we want this wealth to achieve?”

• “What causes or communities do we care about?”

• “How can we enable the next generation to live out their purpose with confidence?”

This shift transforms estate planning into legacy planning, rooted in meaning, not just numbers.

2. Encouraging Growth, Not Dependence  

A key risk of inherited wealth is that it can create passivity or dependency. When Ikigai principles are shared across generations, families are more likely to encourage proactive, purpose-driven thinking. Instead of asking, “What will I inherit?” younger generations may ask, “How can I contribute, grow and make this count?”

3. Aligning Wealth with Values

The rise of ethical and sustainable investing is a clear sign that Australians, especially younger investors, want their money to reflect their beliefs. Families can use Ikigai as a filter to review whether their investment approach supports what they care about, whether that’s climate action, innovation, education or social justice.

4. Starting the Conversation 

Many Australian families avoid open discussions about money. But avoiding the topic can lead to confusion, unmet expectations, or conflict. Ikigai offers a shared language to have deeper conversations about wealth, values and purpose.

These conversations might include:

• Life goals and aspirations

• Attitudes to saving, investing and giving

• Hopes for family legacy and community impact 

5. Building a Shared Vision 

Wealth transfer doesn’t need to be a one-off transaction. Families can design a shared, multi-generational vision, where every generation plays a role in shaping their future. This might involve joint philanthropy, purpose-driven investing, or developing guiding principles that reflect shared beliefs. 

This approach turns wealth into a living legacy, one that adapts, grows and supports the purpose of those who inherit it.

Conclusion: Wealth with Meaning 

Australia’s intergenerational wealth shift presents both an enormous opportunity and a serious responsibility. By drawing on the philosophy of Ikigai, families can ensure that their wealth is not just passed on, but passed on with intention.   

Money alone doesn’t deliver fulfilment. But when aligned with what truly matters, it can help build strong legacies, support communities, and enable the next generation to live with clarity, resilience and purpose.

It is important to seek your own professional advice and consider your own circumstances.