A higher number of people plan to pass on an inheritance to their loved ones in the next ten years. Yet, more individuals don’t expect to receive one in their lifetime.
Northwestern Mutual’s 2025 Planning & Progress Study found that 31% of U.S. adults expect to leave an inheritance and/or a financial gift to a charitable donation, an increase from 26% last year.
Meanwhile, the number of inheritors who anticipate receiving an inheritance has fallen to 20%, down from 25% in 2024.
Still, inheritors across all generations say they expect to collect an inheritance, with 57% of those who do adding that it is “critical” or “highly critical” to their long-term financial stability.
This was especially true for younger generations, including Millennials (69%) and Gen Zers (63%), compared to older age groups like Gen Xers (48%) and Baby Boomers (33%).
“The number of young Americans poised to benefit from the Great Wealth Transfer is growing, and if generational wealth planning becomes an even higher priority in people’s lives, more will participate,” said Kamilah Williams-Kemp, chief product officer at Northwestern Mutual.
Gen Zers and Millennials were also likelier compared to all age groups to say they want to leave an inheritance, with many even calling it their “single most important financial goal.” Sixty-eight percent of Gen Zers and 74% of Millennials said they would agree with that statement.
Still, despite their clear intentions, close to three-quarters of Gen Zers (73%) and Millennials (74%) have not made a will. Many Gen Xers, who are in line to retire within the next years, have not created a bequeath.
Despite not having a written financial plan, 60% of respondents who expect to leave an inheritance or charitable donation have spoken to family members regarding their plans, and 77% say they would feel comfortable including their teenager or adult children in meetings with a financial advisor.
The 2025 Planning & Progress Study was conducted by The Harris Poll on behalf of Northwestern Mutual among 4,626 U.S. adults aged 18 or older.
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