Read full text: https://voxday.net/2024/12/16/locusts-confirmed/
It’s not just the occasional anecdote from contemptuous Gen Xer or bitter Millennial. Even the investment advisors know that the Boomers are literally Hell-bent on consuming as much of their worldly wealth as they can manage before they die.
Millionaires from the Baby Boomer generation are significantly less likely to prioritize sharing their wealth with the next generation than their Gen X and Millennial counterparts, according to a new study by Charles Schwab. The findings highlight generational differences in attitudes toward wealth, with Baby Boomers preferring to enjoy their money during their lifetimes rather than passing it on.
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.
It’s not as if we needed this confirmation; every member of the younger generations has been dealing with the reality of the Boomers for their entire lives. But it is both a condemnation and a reminder that it falls to us to do better if we wish to preserve some aspects of civilization somewhere.
