Study Reveals Wealthy Boomers Are Less Likely to Share Their Wealth Compared to Millennials and Gen X
Wealthy Boomers' Spending Habits and Wealth Transfer Intentions
Data reveals that baby boomers, born from 1946 to 1964, plan to spend the majority of their amassed wealth rather than reserving it for future generations. The findings from a recent study conducted by Charles Schwab indicate a clear generational shift in how wealth is perceived and utilized.
Wealth Transfer Stats
- 39% of boomers wish to preserve their money for the next generation.
- 36% of boomers want the next generation to enjoy their money during their lifetime.
- 25% of boomers prefer to enjoy their money for themselves while alive.
- 80% of wealthy Millennials plan to distribute some portion of their wealth during their lifetimes.
Comparative Wealth Plans
The survey analyzed 1,000 high-net-worth Americans, those with over $1 million in investable assets. Here are some key findings:
- The average amount boomers plan to pass on is approximately $3.1 million.
- Wealthy Millennials aim to pass on about $4.7 million in assets.
According to Susan Hirshman, director of wealth management at Schwab, most wealthy Americans have begun to formalize their wealth distribution plans. She emphasizes the importance of discussing shared values and goals in wealth transfer planning, which can help heirs perceive themselves as responsible stewards of wealth rather than mere beneficiaries.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.