Earlier this week, Bank of America’s wealth management subsidiary released a report on attitudes toward legacy planning in America. Based on a survey of more than six hundred high-net-worth and ultra-high-net-worth adults, the report, U.S. Trust Insights on Wealth and Worth, found a significant generation gap among wealthy Americans’ financial planning.
But it’s probably not what you think.
In fact, the study concluded that in their attitudes toward saving, planning for the future, and the central importance of leaving a family legacy to future generations, older Americans and their adult grandchildren have much more in common than was previously imagined. And even more striking, they are much more similar to each other in this regard than they are to the Baby Boom generation between them.
“Gen-Xers and Gen-Yers and the generation older than the Baby Boomers are closely aligned in the importance of intergenerational wealth transfer,” says U.S. Trust’s press release…
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