The anticipated 'Great Wealth Transfer' is facing delays as many baby boomers choose to retain their assets for personal enjoyment. A recent survey by Charles Schwab highlights that 45% of babiers express a desire to savor their wealth rather than distribute it to their grown children. Although projections suggest the wealth may eventually transition to younger generations over the next two decades, the immediate trend indicates an inclination towards personal use, particularly as the oldest boomers age into retirement.
According to a new report from Charles Schwab, almost half of boomers surveyed (45%) confessed they wanted 'to enjoy my money for myself while I'm still alive.'
The youngest members of the boomer generation crossed the threshold of 60 last year, leading to a delay in wealth transfer as they hold onto assets.
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