1 week Wealthy Gen X and millennials want to give their money away while they’re still alive. Boomers? Not so much Fast Company

Are high-earning baby boomers stingier with their money than younger generations? Perhaps, according to a new report from Charles Schwab, which shows a sizable generational rift when it comes to passing along wealth.

The report, released on Monday, finds that high-net-worth (those with more than $1 million in investable assets) members of Gen X and the millennial generation are more than twice as likely to say they want to pass their wealth along to the next generation while they’re still alive compared to baby boomers.

More specifically, only 21% of “Wealthy Boomers” responded affirmatively to the prompt “I want the next generation to enjoy my money while I’m still alive.” Comparatively, 44% of “Wealthy Gen X” and 53% of “Wealthy Millennial” respondents responded affirmatively.

Further, 97% of both Gen X and millennial respondents said that they plan to distribute some portion of their wealth during their lifetimes, compared to just 56% of baby boomer respondents.

“According to our survey, younger Americans could be poised to reshape legacy planning and the future of how wealth is passed to the next generation,” said Andrew D’Anna, managing director of retail client experiences at Charles Schwab, in a statement accompanying the survey results.

Oh wait, there’s a catch

Though younger wealthy Americans may reshape how wealth is passed on in the coming years, they were much more likely than Boomers to attach some strings. Almost all Gen X and Millennial respondents said that they have “some kind of stipulation” with how their money can be used once they pass it on, compared to just 34% of boomer respondents.

The numbers that could trickle down aren’t paltry: The survey found that the average wealthy American who does plan to pass on their wealth will dole out $4.1 million in assets. The average millennial respondent expects to pass along the most, at $4.7 million, while boomers expect to pass along an average of $3.1 million.

In all, these transfers—assuming they do occur—will comprise a portion of the so-called Great Wealth Transfer, which is expected to see roughly $84 trillion in wealth slide from the silent and boomer generations to Gen X, millennials, and Gen Z.

But, at least according to this latest data from Charles Schwab, a portion of those transfers may not happen especially soon.

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