68% of millennials and Gen Zers have received or expect to receive an inheritance of nearly $320,000

A massive wealth transfer is currently underway.

AD_SHOULD_BE_HERE

“It has begun, and it’s only going to accelerate,” said Liz Koehler, head of advisor engagement at BlackRock’s wealth advisory division.

Baby boomers are expected to pass on more than $68 trillion to their children. However, some millennials and Gen Z may not inherit as much as they anticipate.

Recent studies highlight a growing gap between what the next generation expects to receive in the "great wealth transfer" and what their aging parents actually plan to leave behind.

AD_SHOULD_BE_HERE

For example, 68% of millennials and Gen Zers either have received or expect to receive an inheritance averaging nearly $320,000, according to a report by USA Today Blueprint. Additionally, 52% of millennials believe they’ll inherit even more—at least $350,000—based on a survey by Alliant Credit Union.

However, 55% of baby boomers planning to leave an inheritance say they will pass on less than $250,000, Alliant found.

Moreover, only about one-third of white families and one in ten Black families receive any inheritance at all, with more than half of those inheritances totaling less than $50,000, according to a study by the Federal Reserve Bank of Boston.

AD_SHOULD_BE_HERE

A key reason for this disconnect is that “parents are not effectively communicating with their adult children about financial matters,” explained Isabel Barrow, director of financial planning at Edelman Financial Engines.

Adding to the challenge, inflation, rising healthcare costs, and longer life expectancies may leave baby boomers feeling less financially secure and less inclined to give away large sums.

A report from Edelman Financial Engines found that fewer Americans are feeling confident about their finances, with only 14% considering themselves wealthy.

AD_SHOULD_BE_HERE

Despite millennials being labeled “the richest generation in history” by Knight Frank’s annual Wealth Report, many millennials and Gen Zers are struggling financially. They face rising food and housing costs, and unlike their parents at the same age, they earn lower wages after adjusting for inflation and carry heavier student loan debt, according to recent reports.

With so much at stake, Barrow emphasized that “there’s a lot missing in conversations with our adult children about what will happen with our money.”

AD_SHOULD_BE_HERE
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.