Millionaire Boomers less willing to share wealth than Gen X, Millennials: Schwab poll

The study surveyed 1,000 Americans with a net worth exceeding $1 million in investable assets. When they were asked if they planned to distribute a portion of their wealth in their lifetime, wealthy Baby Boomers said they wanted to 56 percent of the time while 97 percent of both wealthy Gen X and Millennials wanted to do so.

When respondents were asked if they wanted the next generation to enjoy their money while they were still alive. While 53 percent of wealthy Millennials and 44 percent of wealthy Gen X’ers said yes, only 21 percent of wealthy Boomers agreed. Conversely, nearly half (45 percent) of Baby Boomers said they wanted to enjoy their money for themselves during their lifetimes, compared to just 15 percent of Millennials and 11 percent of Gen X.

When asked if they intended to preserve their wealth for the next generation after their passing, only 34 percent of wealthy Baby Boomers agreed, compared to 45 percent of Gen X millionaires and 32 percent of Millennial millionaires.

Susan Hirshman, director of wealth management for Schwab Wealth Advisory and Schwab Center for Financial Research, emphasized the importance of these findings in the context of financial planning. Hirshman said, “It’s encouraging to see that a majority of wealthy Americans who plan to pass their wealth have started to formalize those plans and documents and communicate with their families."

“In addition to those foundational steps, we encourage families to ground discussions and planning around shared values and goals for wealth being transferred,” she continued. “These conversations can help heirs see themselves as wealth stewards, rather than just beneficiaries, and gain important perspective on the meaning of wealth, legacy, and the responsibilities that come with it.” The generational divide in attitudes toward wealth reflects broader cultural shifts.