A recent survey conducted by Charles Schwab highlights a noteworthy generational gap in perspectives on how and when wealth is passed down to heirs.

According to the survey, both Millennials and Generation X are inclined to transfer their wealth to the next generation while they are still alive. In contrast, Baby Boomers tend to favor waiting until they have passed away.

To illustrate, wealthy individuals from the Millennial and Gen X cohorts who participated in the survey were over twice as likely to agree with the statement: “I want the next generation to enjoy my money while I’m still alive.”

This insight stems from a December survey that included over 1,000 Americans with at least $1 million in investable assets.

Approximately 40% of Americans will receive an inheritance at some point, according to an analysis from the Washington Post. However, the peak age for receiving inherited wealth is 70, and many individuals might find themselves in need of that money much sooner.

“It’s those in their 20s and 30s who require it the most,” explained Michelle Crumm, a certified financial planner based in Ann Arbor, Michigan. “These two decades face the highest financial needs and the least capacity to generate income.”

Younger Americans are eager to share their wealth. Boomers are less inclined.

The Schwab survey starkly reveals the differences between younger and older Americans regarding the timing of wealth transfers.

Close to 50% of Millennials and 44% of Gen Xers expressed a desire to transfer wealth while they are still alive, while only 21% of Boomers felt the same way.

Conversely, 45% of Boomers resonated with the more self-centered statement: “I want to enjoy my money for myself while I’m still alive.” Just 15% of Millennials and 11% of Gen Xers echoed this sentiment.

The majority of Millennials and Gen Xers surveyed (nearly all) indicated plans to share at least a portion of their wealth during their lifetimes. In contrast, only 56% of Boomers agreed with this view.

According to Susan Hirshman, a director of wealth management at Schwab Wealth Advisory, the survey reveals that younger Americans are prioritizing “gifting money to truly share in that joy.”

Are affluent Boomers being inconsiderate?

Before we move forward, let’s address an uncomfortable question: Are wealthy Boomers being inconsiderate with their money?

We often refer to this generation as the Me generation. A prior study by Northwestern Mutual spotlighted the contrast between younger Americans’ expectations of receiving an inheritance and older Americans’ intentions to leave one behind.

This previous research indicated that 38% of Gen Z and 32% of Millennials anticipate inheriting wealth. However, only 22% of Boomers expressed an expectation of leaving an inheritance.

Crumm, the financial planner from Michigan, cites an affluent Boomer client in her late 60s, who has resisted advice to pass on wealth to her adult children while they’re still younger.

“She won’t even spend money on herself,” Crumm said. “It’s the hesitance to part with cash.”

While she has older clients who intend to eventually transfer their wealth to the next generation, they prefer to delay doing so.

One client approaching 90 years old intends to leave a considerable portion of his wealth to his heirs, but Crumm has encouraged him to distribute some of it now. His response: “Nobody ever gave me anything.”

Where’s my inheritance? Not so quickly, say older Americans.

Additional surveys reveal significant differences between older and younger Americans regarding their attitudes toward inheritance.

The 2024 Planning & Progress Study from Northwestern Mutual found that 65% of Gen Xers and 81% of Millennials believe leaving something for future generations is either “very important” or their “most significant financial goal.” Only 46% of Boomers felt the same way.

A potential explanation is that Boomer retirees feel they have done enough for their children and wish to relish their remaining years enjoying their wealth.

“A lot of older individuals are essentially saying, ‘I’ve contributed my share,’” stated Melissa Cox, a certified financial planner in Dallas, during a conversation with YSL News in 2024. “They have worked hard to attain what they have.”

If older Americans are more reserved about their wealth, it could be due to worries about outliving their savings.

Even wealthy Boomers commonly enter retirement with concerns about depleting their financial resources, according to financial advisors.

“The uncertainty of how long one will live, coupled with the fear of running out of money, is understandably daunting for most individuals,” noted Jonathan Swanburg, a certified financial planner in Houston, while speaking with YSL News the previous year.

Younger Americans are finding it harder to achieve the American Dream

Conversely, younger Americans might feel more frustration than older generations regarding the challenges of realizing the American Dream in 2025.

Federal data indicates that home prices surged by about 40% during the peak years of the pandemic, alongside a dramatic increase in childcare costs.

“I feel that it’s significantly more challenging for Millennials to gain a foothold,” mentioned Elizabeth Windisch, a certified financial planner in Denver.

Windisch has also observed that Gen X parents “are far more inclined to support their children financially during their early years, sometimes at the expense of their own retirement,” she noted.

According to a 2024 Pew Research report, three-fifths of parents with adult offspring provided them with financial assistance in the past year, occasionally to the detriment of their own economic stability.

If nothing else, Schwab’s recent survey may underscore how the approach to financial planning has changed over time.

In previous decades, when Boomers developed their investment strategies, financial planning largely revolved around “stock picking,” explained Hirshman from Schwab. Nowadays, she said, “financial planning is much more family-oriented and focused on achieving personal goals using one’s wealth.”

If wealthy Millennials and Gen Xers are prioritizing sharing their wealth during their lifetimes, Hirshman indicated that this could be influenced by discussions with their financial advisers.

“Advisors are increasingly focusing on values,” she added, “and exploring the significance of wealth: What role does it play; what are your aspirations?”