59% of Millennials Count on Inheritance as Only 22% of Gen X Plan to Leave One
Updated
Updated · AOL · Oct 10
59% of Millennials Count on Inheritance as Only 22% of Gen X Plan to Leave One
3 articles · Updated · AOL · Oct 10
Summary
59% of millennials expecting an inheritance said it is critical to their long-term financial security or retirement, highlighting how heavily some younger adults are leaning on a future windfall.
Northwestern Mutual's survey showed a gap between generations: 38% of Gen Z expect an inheritance, while just 22% of Gen X said they intend to leave any financial gift behind.
6% of retirement funding was the average share respondents expected inheritances to provide, even as parents' retirement spending and possible care costs could further reduce what heirs ultimately receive.
47% of boomers and older adults who expect to leave an inheritance or gift said they have not discussed those plans with relatives, adding another layer of uncertainty.
The findings reinforce advice to treat any inheritance as a bonus and keep building retirement savings now, rather than delaying contributions in anticipation of family money.