STUDY: Millionaire Boomers Less Likely to Share Their Wealth
A new study has revealed that millionaire baby boomers are less likely to share their wealth with younger generations compared to their parents’ generation. The research, conducted by the financial services firm Charles Schwab, found that 61% of millionaire boomers have not discussed their estate plans with their children, compared to 44% of millionaire Generation Xers and 38% of millionaire members of the Silent Generation.
The study also found that millionaire boomers are more likely to prioritize passing on their wealth to other family members or charities over leaving it to their children. When asked about their estate plans, 35% of millionaire boomers said they plan to leave their wealth to other family members, while 23% plan to leave it to charities.
The researchers attributed this trend to the fact that millionaire boomers are more likely to have built their wealth through entrepreneurship or real estate, and therefore may be more likely to see their wealth as a legacy to be passed on to others rather than a means of supporting their children’s financial security.
The study also found that millionaire boomers are more likely to be concerned about the tax implications of passing on their wealth, with 63% citing tax concerns as a major factor in their estate planning decisions.
Overall, the study suggests that millionaire boomers are more likely to prioritize their own financial security and legacy over leaving a financial inheritance to their children.
