Young Americans expect to inherit $ 335,000 on average. A new survey shows how much millennials and generation Z were banished on family wealth
A majority of young Americans rely on family wealth to shape their future, according to a new investigation by the insurance agency Mutual choice This digs in expectations around inheritance.
About two thirds of Americans aged 18 to 43 expect to receive or have already received an inheritance from their parents. On average, they believe that they will inherit about $ 334,850.
“The great transfer of wealth is surely on the way,” said the CEO of Choice Mutual Anthony Martin. But what has stood out the most is the way the young generations plan money long before arriving.
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Among those who expect an inheritance, 73% said they planned to put money in savings, while 57% said they would invest it. Others plan to use it for housing costs, reimbursement of debt or savings for their own children.
More than seven out of 10 expect to inherit money and 69% think that real estate will be part of the package. Investment accounts, ownership and professional property challenges have also been mentioned.
“It’s not just a vow pile,” notes the study. “Sixty -one percent of those questioned had a direct conversation with their parents about an expected heritage or have seen a will or confidence.”
However, optimism has limits. More than half – 53% – said they expect to be financially overwhelmed by the support of their aging parents. About one in two said they already had or planned to support their parents financially.
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This financial stress already shapes their lives. 60% said they feel concerned about future support responsibilities and 52% said it already had an impact on their financial levels.
About a third of those questioned even admitted that they wanted their parents to be in a stronger financial situation.
In some cases, the anticipation of inheritance influences the way people are living now. One in 10 said they were undergoing more debts than they would do, assuming that they will use the inheritance to reimburse it. About 9% feel less pressure to save or earn money, and about one in six said that the simple fact of knowing that money is making life makes life less stressful.
Experts provide that nearly 100 billions of dollars will change the hands of baby-boomers to younger generations over the next 25 years. But as Martin points out, this does not mean that each family will benefit from it.
