'If you have money now do good now-don't wait until you're dead' captures the essence of a mindset shift among baby boomers, who prefer to enjoy their wealth now rather than pass it on as inheritance. This desire reflects a broader trend where wealth is viewed as a tool for creating memories with loved ones now, not as a reserve for the future. Many boomers are choosing to share experiences, such as holidays, rather than leaving behind cash or property.
A survey by Northwestern Mutual reveals that just 20% of baby boomers plan to leave any inheritance behind. This dissonance between what millennials and Gen Z expect versus what boomers plan reflects an ongoing shift in personal financial priorities. The majority of baby boomers are focusing on enjoying their wealth and ensuring they can provide immediate experiences for their loved ones, highlighting a significant generational difference in priorities regarding wealth and legacy.
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