New "High Net Worth Investor Survey" from Charles Schwab
The Schwab High Net Worth Investor Survey 2024, conducted in partnership with Logica Research, reveals key trends in wealth transfer among wealthy Americans. The study has been covered in InvestmentNews, Yahoo! Finance, Stock Titan, and more.
InvestmentNews reports that the Schwab study reveals that younger high net worth Americans, especially Millennials and Gen X, are more likely than Boomers to prefer transferring their wealth during their lifetimes. While 97% of wealthy individuals plan to pass on assets, 36% prefer to do so while alive to witness the impact. This trend reflects a shift in legacy planning, with many planning to give 40% of their wealth while alive. The survey also highlights the importance of early planning and communication about wealth transfer, emphasizing that generational wealth sharing involves not just financial, but also value-based, goals.
The article “Millionaire Boomers Less Likely to Share” in Yahoo! Finance talks more about the numbers uncovered by the Schwab study. While Baby Boomers plan to pass on an average of $3.1 million, Millennials aim to transfer $4.7 million. The article shares that Schwab’s Susan Hirshman emphasizes the importance of not only formalizing wealth transfer plans but also discussing shared values and goals to help heirs understand their role as stewards of the wealth, not just beneficiaries.
Stock Titan covers how the Schwab High Net Worth Investor Study shows younger generations are also more likely to specify how their wealth should be used, with 97% of Millennials and 94% of Gen X including stipulations in their plans. There is an increasing tendency among younger investors to specify how their wealth should be used by future generations. The survey highlights that 63% of wealthy Americans begin planning wealth transfer before age 45, emphasizing proactive planning and value-driven legacy goals.
To learn more, you can access the study here, read more in InvestmentNews, Yahoo! Finance, Stock Titan or reach out to us!