Charles Schwab's survey reveals a stark contrast in wealth transfer attitudes between generations. Though millennials and Gen Xers are set to inherit around $84 trillion by 2045, almost half of baby boomers wish to enjoy their wealth rather than pass it on. Notably, younger millionaires are more inclined to share their wealth, but they do so with stipulations, unlike boomers. As wealth transitions from boomers to younger generations, significant changes in estate and legacy planning are anticipated, with younger individuals prepared to impose conditions on their wealth transfers.
According to our survey, younger Americans could be poised to reshape legacy planning and the future of how wealth is passed to the next generation.
Almost half of boomers surveyed said they wanted to enjoy my money for myself while I'm still alive - while only 11% of Gen Xers and 15% of millennials said the same.
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