A Charles Schwab survey of affluent Americans highlights a stark generational split regarding the timing and manner of passing down wealth to their descendants.
According to the survey, Millennials and Generation X members prefer to distribute their wealth to their offspring during their lifetimes, whereas Baby Boomers are more inclined to do so posthumously.
In more precise terms, wealthy Millennials and Generation X respondents were over twice as likely as Boomers to endorse the statement: “I want the next generation to enjoy my money while I’m still alive.”
The findings stem from a December survey by the investment company, which polled over 1,000 Americans possessing at least $1 million in investable assets.
Approximately two-fifths of Americans eventually inherit wealth, a Washington Post analysis reveals. However, the peak age for receiving inheritances is 70, and many could benefit from accessing these funds earlier.
“It’s mainly the 20- and 30-somethings who need it most,” Michigan-based certified financial planner Michelle Crumm explained. “These are the decades when they have the greatest needs and least financial inflow.”
Generational Wealth Perspectives: Young vs. Old
The survey by Schwab starkly contrasts the views of younger and older Americans on when to transfer wealth. About half of the Millennials and 44% of Gen Xers expressed a desire to share their wealth while still alive, but only 21% of Boomers felt the same.
Furthermore, 45% of Boomers resonated more with the statement: “I want to enjoy my money for myself while I’m still alive,” compared to just 15% of Millennials and 11% of Gen Xers.
Almost every Millennial and Gen Xer surveyed indicated plans to distribute some wealth during their lifetime, whereas only 56% of Boomers shared this intent.
The survey illustrates that younger Americans are keen on “gifting money to really share in that joy,” according to Susan Hirshman, director of wealth management for Schwab Wealth Advisory.
Selfishness Among Wealthy Boomers?
Let’s address an uncomfortable question: Are wealthy Boomers selfish?
Often dubbed the ‘Me generation,’ Boomers have shown in studies, such as one by Northwestern Mutual, a significant discrepancy between the inheritances younger Americans anticipate and what older Americans intend to leave behind.
The Northwestern Mutual study revealed that 38% of Gen Zers and 32% of Millennials expect an inheritance, but only 22% of Boomers plan to leave one.
Michelle Crumm mentioned a client in her late 60s, a wealthy Boomer, who is reluctant to pass on wealth to her young adult children. “She won’t even spend on herself,” Crumm noted. “It’s just a hesitance to spend money at all.”
Other older clients of Crumm’s have plans to leave their fortunes to their descendants but not yet. One nearly 90-year-old client insists on waiting, saying, “Nobody ever gave me anything.”
Patience Required: Older Americans on Inheritance
Other studies have also noted significant differences between older and younger Americans regarding inheritance attitudes. In the 2024 Planning & Progress Study by Northwestern Mutual, 65% of Gen X and 81% of Millennials deemed leaving an inheritance as “very important” or their “single most important financial goal.”
Only 46% of Boomers agreed with this sentiment. A theory suggests that many Boomer retirees feel they have already done enough for their children and now deserve to enjoy their wealth.
Additionally, older Americans may be more cautious with their wealth due to fears of outliving it, a common concern among affluent Boomers, according to financial planners.
Challenges in Achieving the American Dream for Younger Generations
Younger Americans may feel it’s tougher to achieve the American Dream today. Home prices and child care costs have surged, federal data indicates.
“It feels much tougher for Millennials, in particular, to establish themselves,” Denver-based certified financial planner Elizabeth Windisch observed.
Windisch also noted that Gen X parents are more likely to financially support their children early on, sometimes at the risk of their own retirement security. A 2024 Pew Research report supported this, showing that three-fifths of parents with adult children had provided financial assistance in the past year.
Ultimately, Schwab’s recent survey may show how financial planning has shifted towards a more family-centric and goal-oriented approach, contrasting sharply with the past focus on mere stock picking. “Today, it’s about aligning with family goals and values,” Hirshman concluded.
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Passionate about analyzing economic markets, Alice M. Carter joined THE NORTHERN FORUM with a mission: to make financial concepts accessible to everyone. With over 10 years of experience in economic journalism, she specializes in global economic trends and US financial policies. She firmly believes that a better understanding of the economy is the key to a more informed future.