Baby Boomers Don't Care About Leaving Money To Their Kids, And Expect Their Kids To Be Poorer Than They Are

There were a few grim statistics in Bank of America’s annual survey of rich people.

Over half of respondents doubted their children would be as wealthy as they are. By comparison, 96% of Boomers were wealthier than their parents.

chart

And more bad news for babys of Baby Boomers. Only 49% of rich people said that leaving a plump inheritance is a “personally important use of their wealth.”

Financial security (90%), financial freedom (78%), travel (64%) and quality of relationships with family and friends (53%) rated as more important uses of wealth.

Perhaps the Boomers feel this way because most of them got rich through hard work, not inheritance:

graph

Photo: U.S. Trust Insights of Wealth and Worth

Don’t miss: The 13 Richest Americans Of All Time >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.