A recent survey conducted by Charles Schwab among affluent Americans highlights a notable generational contrast regarding the timing and method of passing down wealth.

The study reveals that both millennials and Generation X express a desire to pass on wealth to future generations while they are still living, in contrast to baby boomers, who typically prefer to wait until after their death.

Specifically, the wealthier millennials and Gen X respondents were more than twice as inclined as boomers to agree with the sentiment, “I want the next generation to enjoy my money while I’m still alive.”

This information stems from a survey involving over 1,000 Americans possessing at least $1 million in investable assets, released in December by the investment firm.

According to a Washington Post analysis, around 40% of Americans are likely to inherit wealth. However, the peak of inherited wealth typically occurs at age 70, meaning many may require those funds sooner.

“It’s the individuals in their 20s and 30s who need the support most,” noted Michelle Crumm, a certified financial planner in Ann Arbor, Michigan. “Those two decades face the greatest financial challenges while having limited income.”

Younger Generations Eager to Share Wealth; Boomers Hesitant

The Schwab survey illustrates a clear divergence between younger and older Americans on the preferred timing for wealth transfer.

Approximately half of millennials and 44% of Gen Xers expressed the desire to share wealth during their lifetime, while merely 21% of boomers felt the same way.

In contrast, 45% of boomers resonated with the more self-focused idea: “I want to enjoy my money for myself while I’m still alive,” a sentiment only held by 15% of millennials and 11% of Gen Xers.

Nearly all millennials and Gen X respondents indicated they intend to share at least a portion of their wealth during their lifetimes, whereas only 56% of boomers agreed with this approach.

According to Susan Hirshman, director of wealth management at Schwab Wealth Advisory, the survey reflects younger Americans’ tendency to “gift money to truly share in that joy.”

Are Wealthy Boomers Acting Selfishly?

Before moving on, let’s address a potentially uncomfortable question: Are wealthy boomers being selfish?

This topic often leads back to the “Me generation.” An earlier study from Northwestern Mutual highlighted a significant gap between how many young Americans anticipate receiving an inheritance versus how many older individuals plan to leave one.

That study revealed that 38% of Gen Zers and 32% of millennials expect to inherit assets, yet only 22% of boomers claim they plan to provide an inheritance.

One of Crumm’s clients, a wealthy boomer in her late 60s, has been resistant to the idea of passing on wealth to her adult children while they’re still young.

“She is reluctant even to spend on herself,” Crumm explained. “It’s a strong hesitance to let go of her money.”

Crumm has other older clients who do intend to leave their fortunes to their children and grandchildren; however, not at this time.

For instance, she has a client nearly 90 years old who aims to leave a significant part of his wealth to his heirs. Despite her encouragement to share some funds now, he has declined, explaining, “Nobody ever gave me anything.”

Expectations vs. Reality: Inheritance Delays for Younger Generations

Other research has revealed sharp contrasts between older and younger Americans regarding inheritance beliefs.

In the 2024 Planning & Progress Study from Northwestern Mutual, 65% of Generation X and 81% of Millennials stated that leaving a legacy for the next generation was either “very important” or their “single most important financial goal.”

In stark comparison, only 46% of boomers expressed a similar sentiment.

One theory surrounding these generational perspectives is that boomer retirees feel they have already done enough for their children and desire to savor their remaining years by enjoying their money.

“A lot of older individuals basically think, ‘I’ve done my part,’” stated Melissa Cox, a certified financial planner in Dallas, in a 2024 conversation with YSL News. “They worked extremely hard for what they possess.”

If older Americans appear more guarded regarding their wealth, it may stem from worries about outliving their resources.

Even financially comfortable boomers often enter retirement concerned about running out of funds, financial planners remark.

“The uncertainty of when someone will die, coupled with the fear of depleting resources, is understandably terrifying for many,” remarked Jonathan Swanburg, a certified financial planner in Houston, in a previous interview with YSL News last year.

Younger Generations Face Challenges Realizing the American Dream

Meanwhile, younger Americans may hold stronger convictions than their older counterparts regarding the increasing difficulty of achieving the American Dream in 2025.

During the height of the pandemic, home prices surged by about 40% as revealed by federal data. Childcare costs significantly escalated as well.

“I believe it’s substantially tougher for millennials to find their footing,” commented Elizabeth Windisch, a certified financial planner in Denver.

Windisch also noted that Gen X parents “are generally more inclined to financially support their children in their early years, sometimes even compromising their own retirement savings,” she added.

A 2024 report from Pew Research disclosed that about 60% of parents with adult children provided financial assistance in the past year, occasionally endangering their own financial stability.

Ultimately, Schwab’s recent survey highlights the evolution of financial planning over the years.

In previous decades, when boomers were establishing their investments, financial planning mainly revolved around “stock picking,” according to Hirshman of Schwab. Today, she stated, “planning has transitioned into a more family-oriented, goal-centered approach for utilizing wealth.”

If wealthy millennials and Gen Xers seem more inclined to share their resources during their lifetimes, Hirshman suggests this may be influenced by discussions with their financial advisers.

“Advisers are increasingly emphasizing values,” she explained, “connecting clients to their wealth: What is the purpose of this wealth? What goals are you aiming to achieve?”