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.

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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:

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

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