Episode 270 - The Baby Boomer To Gen Z Inheritance Dynamic

Wealth Academy Podcast - Wealth Is More Than Just Money

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This situation highlights a growing generational divide in financial expectations. Gen Z, having observed economic turbulence, often expects to inherit wealth or assets as part of their financial future, potentially seeing it as a safety net.

However, many Baby Boomer parents may not be planning on leaving much behind due to various factors, including:

1. Increased Longevity: Boomers are living longer, which means their retirement funds and assets may be depleted by the time they pass. They may be using much of their savings on healthcare, daily living expenses, and maintaining their lifestyle during extended retirement years.

2. Economic Uncertainty: Boomers, who have experienced financial crises such as the 2008 recession, may have seen their savings or real estate values fluctuate. As a result, they may be focused more on securing their own financial future than leaving an inheritance.

3. Cost of Healthcare and Long-Term Care: Medical expenses and long-term care are significant financial burdens for older generations, which can eat into the money or assets that might otherwise be passed down.

4. Changing Attitudes About Inheritance: Some Boomers believe their children should be financially independent and may not feel the same obligation to leave wealth behind, focusing instead on enjoying their retirement or supporting philanthropic causes. For Gen Z, this generational disparity emphasizes the need for proactive financial planning and financial literacy, rather than relying on potential inheritance.

The conversation between these two generations about expectations and financial planning could help avoid disappointment and ensure that Gen Z is better prepared to manage their own financial futures.

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