A new survey has revealed a major disconnect between what younger generations expect to inherit and what older generations actually plan to leave behind.
Millennials: Expecting More Than They’ll Get
The survey found that 32% of Millennials expect to receive an inheritance, but only 22% of Gen X and Boomers plan on leaving one. For Millennials who expect to inherit, 59% say it’s crucial for their financial security and retirement, expecting it to cover 6% of their retirement funds.
Gen Z: Even More Disappointed
The gap is even wider for Gen Z. Nearly 40% expect an inheritance, but only 22% of Gen X and 28% of Millennials plan to leave one. Gen Zers who expect to inherit see it as even more critical to their financial future, expecting it to cover 10% of their retirement funds.
The Bottom Line:
The massive wealth transfer expected in the coming years might not live up to the expectations of younger generations. It’s a wake-up call for Millennials and Gen Z to focus on building their own financial security, rather than relying solely on potential inheritances.
