'nobody Ever Gave Me Anything': More Boomers Say They're Not Transferring Wealth To Family Until They're Dead

So overmuch for that "great wealthiness transfer" that's connected nan horizon. Despite millennials and Gen Xers being poised to inherit astir $84 trillion by 2045 during nan "silver tsunami," it looks for illustration boomers want to guidelines pat.

According to a caller study from Charles Schwab, almost half of boomers surveyed (45%) said they wanted "to bask my money for myself while I'm still alive" — while only 11% of Gen Xers and 15% of millennials said nan same.

Schwab's study of 1,000 precocious nett worthy (HNW) Americans, which is defined arsenic group pinch overmuch than $1 cardinal successful investable assets, recovered a sizeable generational shift: Millionaire millennials and Gen X were overmuch than doubly arsenic apt to opt for sharing their wealthiness during their life than Boomers.

Related: Baby Boomer Businesses Are Up for Grabs — Here's How Entrepreneurs Can Benefit In 2025

"Schwab serves complete a cardinal multi-millionaires, and arsenic they move from building wealthiness to preserving and passing it, we spot an expanding petition for specialized services and support astir spot planning, wealthiness transfer, and bequest planning," said Andrew D'Anna, managing caput of portion customer acquisition astatine Charles Schwab. "According to our survey, younger Americans could beryllium poised to reshape bequest readying and nan early of really wealthiness is passed to nan adjacent generation."

Still, conscionable because younger Americans strategy to springiness overmuch distant sooner, it doesn't mean they're making it easy. While younger HNW individuals are overmuch keen to springiness their money away—it comes pinch a catch.

According to nan report, these plans personification "strings attached." Of millennials and Gen Xers who already personification wealthiness proscription plans, a whopping 97% and 94%, respectively, personification put "stipulations" successful nan contracts. Meanwhile, only 1 successful 3 (around 34%) of Boomers personification nan same.

For millennials, astir group said nan drawback is astir really money tin beryllium utilized (43%), while overmuch of Gen X (46%) preferred to group an spot for erstwhile nan adjacent procreation receives nan wealth.

According to USA Today, immoderate financial planners are trying to personification their clients to locomotion their wealthiness to their children while they are still young adults.

"It's nan 20- and 30-year-olds who petition it nan most," Michelle Crumm, a certified financial planner successful Ann Arbor, Michigan, told nan outlet. "Those 2 decades are nan ones that personification nan highest needs and nan lowest expertise to personification immoderate money coming in."

But her clients aren't budging, she said, responding pinch things like: "Nobody ever gave maine anything."

For nan afloat report, click here.