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Over 25% of Gen Z and Millennials expecting to receive inheritances say they won’t achieve long-term financial security without the help.
In January, the Harris Poll surveyed 4,626 US adults on behalf of Northwestern Mutual.
The poll shows 26% of Millennials and 30% of Gen Z respondents expect to receive an inheritance in the so-called “great wealth transfer.”
Of the Millennial respondents expecting to receive inheritances, 33% said the gifts were “highly critical” and that they won’t achieve long-term financial security or be able to retire comfortably without them, compared to 28% for Gen Z.
Additionally, another 36% of Millennials and 35% of Gen Z respondents rated their inheritances as “critical,” noting that they may not be able to realize long-term financial security without them.
Northwestern Mutual notes that respondents from all generations demonstrated increased expectations for leaving an inheritance compared to the previous survey, while their expectations for receiving an inheritance fell.
“As such, the gap between what Gen Z and Millennials say they expect in the way of an inheritance versus what their parents are actually planning to leave behind is narrowing.
Notably, four in ten (39%) Gen Z adults say they plan to leave an inheritance or financial gift behind – more than any other generation.”
