Wealthy Boomers Plan to Spend More, Pass Down Less Compared to Younger Generations

A new study reveals millionaire baby boomers prioritize personal enjoyment over inheritance, contrasting sharply with millennials and Gen X's wealth transfer strategies.

• A Charles Schwab survey of over 1,000 high-net-worth Americans found that 45% of millionaire baby boomers plan to spend their wealth on themselves, compared to just 15% of millennials and 11% of Gen Xers.
• Boomers intend to pass down an average of $3.1 million, significantly less than the $4.7 million and $4.1 million planned by millennials and Gen Xers, respectively.
• Only 21% of boomers want to see their wealth enjoyed by heirs while alive, compared to 53% of millennials and 44% of Gen Xers who prefer to witness their money benefiting others during their lifetimes.
• While 56% of boomers plan to distribute some wealth during their lifetimes, this represents just 19% of their total assets, with the majority being passed on after death.
• Economic advantages, such as favorable housing and stock market conditions, have enabled boomers to amass significant wealth, while millennials and Gen Z face greater financial challenges, including student debt and high housing costs.

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