The Northwestern Mutual 2025 Legacy Study Says 39% of Gen Z Plans to Leave an Inheritance, More Than Any Other Generation

"The bottom line and biggest takeaway from this study is that 39% of Gen Z adults plan to leave an inheritance, more than any other generation. That share tops 32% among Millennials, 26% among Gen X, and an even lower share among Boomers and older Americans. In a surprising turn of events, it's the youngest cohort that is the most committed to a financial legacy."

"Among the cohort that does plan to leave an inheritance, 68% of Gen Z and 74% of Millennials describe it as either their single most important financial goal or very important, compared with just 47% of Boomers and older. Younger adults are not only thinking about legacy earlier but also ranking it higher when they do."

"The shift is showing up at the national level, too, with 31% of U.S. adults now expecting to leave an inheritance or charitable gift in 2025, a number that is up from 26% in 2024. A five-point jump in a single year is large for a survey question this stable. The easy answer is that something in the country's financial mood has changed."

"Consumer sentiment remains weak, with the University of Michigan index at 48.2 in May 2026, down from the prior month and well below the pessimistic band of 80. Inflation continues to weigh on households as well, with CPI growth running at 3.3% in March, still above the Federal Reserve's 2% target, and the personal saving rate sliding from 6.2% in the first quarter of 2024 to 4.0% in the first quarter of 2026."

Gen Z adults show the highest intention to leave an inheritance, with 39% planning to do so, compared with 32% of Millennials, 26% of Gen X, and lower shares among Boomers and older Americans. Among those who plan to leave an inheritance, 68% of Gen Z and 74% of Millennials describe it as their single most important financial goal or very important, versus 47% among Boomers and older. Nationally, 31% of U.S. adults expect to leave an inheritance or charitable gift in 2025, up from 26% in 2024. The change aligns with weak consumer sentiment, ongoing inflation pressures, and a declining personal saving rate.

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