For years, financial experts have touted the impending “great wealth transfer,” with an estimated $84 trillion set to shift from baby boomers to younger generations by 2045. But according to a new survey from Charles Schwab, many boomers aren’t in a hurry to pass down their fortunes—at least not while they’re still alive.
The survey, which polled 1,000 high-net-worth (HNW) individuals—defined as those with at least $1 million in investable assets—found that 45% of boomers want to enjoy their money themselves, compared to just 11% of Gen Xers and 15% of millennials who share that mindset.
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Boomers vs. Younger Generations: A Shift in Wealth Philosophy
The generational divide in estate planning is striking. The survey found that millennials and Gen Xers are more than twice as likely as boomers to distribute their wealth during their lifetime. Andrew D’Anna, managing director of retail client experience at Charles Schwab, believes this could reshape the way wealth is passed down.
“Schwab serves over a million multi-millionaires, and as they move from building wealth to preserving and passing it, we see an increasing need for specialized services and support around estate planning, wealth transfer, and legacy planning,” D’Anna said.
The Strings Attached To Wealth Transfers
While younger generations may be more open to sharing their fortunes early, they’re not doing it without conditions. The survey revealed that 97% of wealthy millennials and 94% of Gen Xers who have wealth transfer plans attach specific stipulations to their giving. In contrast, only 34% of boomers impose similar restrictions.
For millennials, the primary concern (43%) is controlling how the money is used, while Gen Xers (46%) tend to set an age requirement for beneficiaries to receive their inheritance. This suggests a growing trend of structured wealth distribution rather than outright gifting.
“Nobody Ever Gave Me Anything”—Boomers Stand Firm
Financial advisors are increasingly encouraging clients to pass down wealth earlier, arguing that younger generations often need financial support the most in their 20s and 30s. However, boomers aren’t necessarily buying into that idea.
“It’s the 20- and 30-year-olds who need it the most,” said Michelle Crumm, a certified financial planner in Ann Arbor, Michigan, in an interview with USA Today. “Those two decades are the ones that have the highest needs and the lowest ability to have any money coming in.”
Yet, Crumm says many of her boomer clients refuse to budge, often echoing a familiar sentiment: “Nobody ever gave me anything.”
As the debate over wealth distribution continues, one thing is clear—boomers are in no rush to part with their fortunes, and younger generations will have to wait their turn.
