Inheritances are a tricky subject- and can even be considered taboo. With baby boomers projected to pass down over $84 trillion to their heirs over the next two decades in what’s called the “great wealth transfer,” those fortunate enough to receive it will have to decide how to use it.
USA Today surveyed over 1,000 Americans to find out how each generation is planning to spend their inheritance.
Key Findings:
- 68% of millennials and Gen Z have received or expect to receive an inheritance.
- Inheritors expect $320,000 on average.
- 82% expect to receive at least part of this in cash.
- 62% expect to receive at least part of this in real estate.
- 41% expect to receive at least part of this in vehicles.
- 76% plan to save or invest their inheritance.
- 40% plan to pay off debt; of those currently carrying more than $10k debt, 67% expect an inheritance that will wipe it away.
You can find the full report here
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