--- title: '‘I’m Spending It’: 45% of Wealthy Boomers Don’t Plan Big Inheritances' description: A new survey finds wealthy boomers would rather use their money on themselves than share it with their kids now or leave an inheritance. authors: - name: Adam Hardy role: Lead Data Reporter url: https://money.com/author/adam-hardy/ bio: Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and more than a dozen local and regional newspapers. education: University of South Florida, BA, Magazine Journalism at_money_since: 2021 articles: 498 covers: - Personal Finance - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Pets - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - The Penny Hoarder - Forbes Advisor - Creative Loafing - The New York Times - The Washington Post - Bloomberg - Harvard Law School - The Federal Register - National Consumer Law Center - CBS News - Becker's Hospital Review - Business Insider - Mother Jones - The Week - Fortune - The Philadelphia Inquirer - National Association of Student Financial Aid Administrators (NAFSAA) - Education Advisory Board (EAB) - The Institute for College Access & Success (TICAS) - This Morning with Gordon Deal - Empower - Reddit social: - https://www.x.com/hardyjournalism - https://www.linkedin.com/in/hardyjournalism/ editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Personal Finance - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2025-09-04T16:59:51.000Z' section: Personal Finance tags: - News word_count: 643 canonical: https://money.com/wealthy-boomers-no-inheritance/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Hands passing money](https://img.money.com/2025/01/News-Share-Money-Generations.jpg) Baby boomers, who were born between 1946 and 1964, are the [wealthiest generation to have ever lived](https://money.com/wealthiest-generation-baby-boomers/). A recent study from financial firm Charles Schwab suggests they are also the least likely generation to want to share that wealth with their offspring. Wealthy U.S. boomers say they would rather use their money on themselves than share it with their kids now or leave behind an inheritance when they die, [Schwab’s study found](https://content.schwab.com/web/retail/public/about-schwab/charles-schwab-hnw-investor-survey-2024_findings.pdf). When asked about preferences of handing down their wealth with the next generation, a disproportionate share of boomers — 45% — selected “I want to enjoy my money for myself while I am still alive.” By contrast, only 11% of Gen Xers (born between 1965 and 1980) and 15% of millennials (born 1981 to 1996) said the same. ## Preparing your Last Will and Testament is important for the wellbeing of those who would be left behind. ### In times of crisis, having all your affairs in order is a smart way to ensure that your loved ones are taken care of, should anything unexpected happen. [GET STARTED](https://money.com/pr/uc155511be40?ap_referrer=%2Fwealthy-boomers-no-inheritance%2F) On the other hand, 34% of boomers said that they want to preserve their wealth so they can leave behind an inheritance. The remaining 21% said they want their kids to be able to enjoy their wealth while they’re still alive (and *not* leave an inheritance). Schwab’s study on generational wealth transfers surveyed 1,005 high-net-worth Americans with at least $1 million in investable assets. It follows separate research that shows wealthy Americans are far more likely to be the ones leaving behind inheritances than people with low-to-middle incomes. The size of these inheritances — for those planning to leave one behind — also has a lot to do with age, Schwab’s study found. Gen Xers plan to leave behind the most generous inheritances, valued at $4.8 million, while millennials expect to pass $4.7 million on to their kids. Boomers said they are planning to leave behind the least, at $3.1 million. Collectively, boomers have accumulated about $85 trillion — accounting for roughly 50% of all household wealth in the U.S, according to the [most recent data](https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/chart/#quarter:139;series:Assets;demographic:generation;population:3;units:levels;range:1989.3,2024.2) from the Federal Reserve. Gen Xers hold nearly $47 trillion, while millennials have $23 trillion. ## Don’t bank on the ‘Great Wealth Transfer’ Schwab’s study casts doubt on whether the “[Great Wealth Transfer](https://money.com/what-is-the-great-wealth-transfer/)” will benefit younger generations as much as they might hope. For years, economists and analysts have been projecting that a massive trove of wealth held by boomers and their elders will soon flow to younger generations. Some $124 trillion — the vast majority of which is held by Americans 65 and older — could change hands by 2048, according to [an estimate](https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048) by the financial consulting firm Cerulli. In other words, the Great Wealth Transfer would be “the most significant transfer of wealth intergenerationally that we've ever seen in the world,” Chayce Horton, a senior analyst at Cerulli, [previously told Money](https://money.com/what-is-the-great-wealth-transfer/). But that is under the assumption that the money actually gets into the hands of younger generations. Schwab’s study is just one indicator in a growing body of research that suggests older Americans might end up depleting their wealth before it gets passed on — both voluntarily and involuntarily. Aside from choosing to not pass on any wealth, some older Americans are watching their fortunes shrink quickly as they face the skyrocketing [cost of long-term care](https://money.com/is-long-term-care-insurance-worth-it/) in their final years. According to a [2019 report](https://aspe.hhs.gov/reports/what-lifetime-risk-needing-receiving-long-term-services-supports-0) from the U.S. Department Health and Human Services, some 70% of Americans who reach age 65 ultimately develop a “severe” need for long-term care services. Despite this, the majority of Gen Xers and boomers have not financially prepared for that likelihood, data from [Northwestern Mutual](https://news.northwesternmutual.com/planning-and-progress-study-2024) shows. Even for high-net-worth Americans, the prolonged cost of long-term care can easily eat into what would have been an inheritance. For instance, just part-time assistance for simple tasks from a home-health aide typically costs [more than $4,000 per month](https://www.genworth.com/aging-and-you/finances/cost-of-care). And a private room at a nursing home? Nearly $10,000 a month. ## Get the care you will need after age 65 ### 70% of people 65+ will require long-term care. A Long-Term Care Insurance policy makes the process easier by helping you pay for the care you need in your golden years. [View Rates](https://money.com/pr/u89d59a0d2a8?ap_referrer=%2Fwealthy-boomers-no-inheritance%2F&url=%2Flong-term-care-insurance%2Flp%2Fabm-pub-best-ltc-insurance) ![](https://s3.consumersadvocate.org/prd/image/image/1402/medium_fWrleDLaHsZEAmRdSdadlEauvRehdv.png) Getting Long-Term Care Insurance allows you to know that you're protected as you age [View Rates](https://money.com/pr/be10e253227a?ap_referrer=%2Fwealthy-boomers-no-inheritance%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/wealthy-boomers-no-inheritance/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Personal Finance", "item": "https://money.com/personal-finance/" }, { "@type": "ListItem", "position": 3, "name": "Wealth Management", "item": "https://money.com/wealth-management/" }, { "@type": "ListItem", "position": 4, "name": "‘I’m Spending It’: 45% of Wealthy Boomers Don’t Plan Big Inheritances" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/wealthy-boomers-no-inheritance/#webpage", "url": "https://money.com/wealthy-boomers-no-inheritance/", "name": "‘I’m Spending It’: 45% of Wealthy Boomers Don’t Plan Big Inheritances", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2025-09-04T16:59:51.000Z", "mainEntity": { "@id": "https://money.com/wealthy-boomers-no-inheritance/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/wealthy-boomers-no-inheritance/#breadcrumb" } }, { "@type": "NewsArticle", "headline": "‘I’m Spending It’: 45% of Wealthy Boomers Don’t Plan Big Inheritances", "articleSection": "Personal Finance", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2025/01/News-Share-Money-Generations.jpg", "width": 2880, "height": 1920, "caption": "News-Share-Money-Generations" } ], "author": [ { "@type": "Person", "name": "Adam Hardy", "url": "https://money.com/author/adam-hardy/", "@id": "https://money.com/author/adam-hardy/#author", "description": "Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. 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