Northwestern Mutual's 2025 Legacy Study: Gen Z Is More Likely to Leave an Inheritance Than Any Other Generation at 39%

Gen Z adults show the highest intention to leave an inheritance, with 39% planning to pass wealth down compared with 32% of Millennials, 26% of Gen X, and 31% of U.S. adults overall. Baby Boomers report 30% expecting to execute a legacy, indicating a lower psychological priority among the older generation. Among those expecting to leave an inheritance, 68% of Gen Z rate it as their single most important or very important financial goal, versus 66% of Gen X and 47% of Boomers+. The emphasis on legacy reflects a view of money as something that moves through families rather than being accumulated and spent within one lifetime. Economic conditions include low consumer confidence, rising prices, and a reduced national savings rate.

"39% of Gen Z adults plan to leave an inheritance, a higher share than any other living generation . The exact cohort most often described as financially fragile, saddled with historic student debt, priced out of housing, and highly skeptical of traditional institutions is, ironically, the one most committed to passing wealth down the line ."

"That ambitious figure stands noticeably above the rest of the domestic population . Millennials come in at 32%, Gen X lands at 26%, and a baseline of 31% of U.S. adults overall expect to leave a legacy behind . Baby Boomers, the demographic closest to the actual wealth transfer window, track at 30% for execution expectations, meaning the older generation simply places a much lower psychological priority on the goal than their younger counterparts do ."

"Among those expecting to leave an inheritance, 68% of Gen Z call it their "single most important financial goal" or "very important," compared with 66% of Gen X and 47% of Boomers+ . For a generation that has not yet hit peak earnings, ranking legacy above other financial goals is a structural statement about how they view money, treating it as something that moves through families rather than something accumulated and spent within a single life ."

"Part of the explanation sits in the macro backdrop Gen Z came of age in. The University of Michigan Consumer Sentiment Index stands at 48.2 as of May 2026, indicating consumer confidence has plunged into pessimistic territory. The Consumer Price Index sits at 331.2 in April 2026, up from 320.1 a year earlier, representing a sustained squeeze on the categories that younger adults spend most on. The national savings rate has dropped to 4% in 2026Q1 from 6.2% in 2024Q1"

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