Boomers, Matures Value Legacies Other Than Wealth
Posted On June 7, 2012
A new Allianz survey shows that Baby Boomers think it’s more important for a family to pass on its non-material legacy than to pass on its wealth. 86% of Boomers said it was important for elders to pass on their family’s history and stories to their descendants. 64% place importance on the inheritance of family possessions. But only 9% consider a financial inheritance to be vital.
The Matures, the Boomers parents, generally agree with their offspring though they place a relatively higher priority on leaving behind some wealth for their kids. In comparison with the same survey conducted in 2005, the relative importance of a financial inheritance has declined for both generations, perhaps because that expectation has become less realistic in recent and current economic circumstances.