A survey of wealthy Americans by Charles Schwab reveals a fascinating generational divide over how, and when, they leave money to their heirs. 

Millennials and Generation Xers want to transfer wealth to the next generation during their lifetime, the survey found. Baby boomers prefer to wait until they are dead. 

More specifically, wealthy millennials and Gen Xers who answered the survey were more than twice as likely as boomers to agree with this statement: “I want the next generation to enjoy my money while I’m still alive.” 

The finding comes from a survey of more than 1,000 Americans with at least $1 million in investable assets, released in December by the investment firm.  

Roughly two-fifths of Americans eventually receive an inheritance, according to a Washington Post analysis. But inherited wealth doesn’t peak until age 70, and many of us could use the money sooner than that. 

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“It’s the 20- and 30-year-olds who need it the most,” said Michelle Crumm, a certified financial planner in Ann Arbor, Michigan. “Those two decades are the ones that have the highest needs and the lowest ability to have any money coming in.” 

Younger Americans are ready to share the wealth. Boomers, not so much.

The Schwab survey portrays a stark contrast between younger and older Americans over when, exactly, to pass on wealth to the next generation.  

Roughly half of millennials, and 44% of Gen Xers, said they want to share wealth while they are alive. Only 21% of boomers agreed. 

Meanwhile, 45% of boomers agreed with this less charitable statement: “I want to enjoy my money for myself while I’m still alive.” Only 15% of millennials and 11% of Gen Xers shared the sentiment. 

Nearly every millennial and Gen Xer surveyed by Schwab said they plan to distribute at least some of their wealth during their lifetime. Only 56% of boomers agreed. 

The survey shows younger Americans “gifting money to really share in that joy,” said Susan Hirshman, director of wealth management for Schwab Wealth Advisory.  

Are wealthy boomers selfish?

Before we proceed, though, let’s get one uncomfortable question out of the way: Are wealthy boomers selfish? 

We are, after all, talking about the Me generation. An earlier study, from Northwestern Mutual, found a wide gap between how many younger Americans expect to reap an inheritance and how many older Americans plan to leave one.  

That study found that 38% of Gen Zers and 32% of millennials expect to inherit. But only 22% of boomers said they expect to leave an inheritance.   

Crumm, the Michigan CFP, has a wealthy boomer client in her late 60s. She has struggled to convince the client to pass wealth to her children, who are young adults, while they are still young. 

“She won’t even spend money on herself,” Crumm said. “It’s just the reluctance to spend money.” 

Crumm has other older clients who plan to pass their fortune to their children and grandchildren: but not yet.  

One client is nearly 90. He plans to leave much of his wealth to his heirs. Crumm has urged him to pass on some of the money now. He has refused, with this rationale: “Nobody ever gave me anything.” 

Where's my inheritance? Not so fast, say older Americans.

Other surveys have found sharp differences between older and younger Americans in attitudes about inheritance.  

In the 2024 Planning & Progress Study from Northwestern Mutual, 65% of Generation X and 81% of Millennials said leaving something for the next generation was either “very important” or their “single most important financial goal.”  

Only 46% of boomers felt the same way. 

One generational theory suggests boomer retirees have done plenty for their children and want to spend their remaining years enjoying their money.   

“A lot of older people are basically saying, ‘I’ve done my due,’” said Melissa Cox, a certified financial planner in Dallas, speaking to USA TODAY in 2024. “They had to work their tuchus off for what they have.”  

If older Americans are more guarded about their wealth, one reason may be fear that they will outlive it. 

Even affluent boomers tend to go into retirement fearing they might eventually run out of cash, financial planners say.   

“Nobody knows when they are going to die, and the idea of running out of money is rightfully terrifying to most people,” said Jonathan Swanburg, a certified financial planner in Houston, speaking to USA TODAY last year. 

Younger Americans struggle to fulfill the American Dream

Younger Americans, for their part, may have stronger feelings than their elders about how hard it is to achieve the American Dream in 2025. 

Home prices rose by about two-fifths during the peak pandemic years, according to federal data. Child care costs rose dramatically.  

“I feel like it’s just a lot harder for millennials, especially, to get a foothold,” said Elizabeth Windisch, a certified financial planner in Denver. 

Windisch has found, too, that Gen X parents “are just much more likely to help their kids financially when they’re young. I’ve seen them jeopardize their own retirement,” she said. 

A 2024 Pew Research report found that three-fifths of parents with adult children had given them financial help in the past year, sometimes to the detriment of their own finances. 

Gen Z wants an inheritance.Good luck with that, say their boomer parents

If nothing else, Schwab’s new survey may illustrate how financial planning has evolved over the years.  

Decades ago, when boomers built their portfolios, financial planning was mostly “stock picking,” said Hirshman of Schwab. Today, she said, “planning is a much more family-focused, goal-focused approach to using your wealth.” 

If wealthy millennials and Gen Xers are more focused on sharing wealth while they are alive, Hirshman said, that impulse may reflect conversations with their financial advisers.  

“Advisers themselves are really talking about values,” she said, “and talking about connecting to the wealth: What is the wealth for; what are you trying to achieve?”