Wealth By Generations

Wealth By Generations

January 08, 2024

Did you know that there is approximately $156 Trillion in U.S. based assets? Now what if I told you that Baby Boomers (1946–1964) accounted for HALF of those assets. This means that Gen X (1965–1980) and Millennials (1981-1996) will likely inherit half of the U.S. assets by 2045.

Here are some other interesting findings (see the chart at the bottom, as well):

  • Baby Boomers have more saved in the form of pensions than Gen X and Millennials combined.
  • Real Estate is the most popular form of asset amongst Gen X and Millennials, but Equities and Mutual Funds comes in 1st for Baby Boomers. (Did you know that the average price of a U.S. house has risen 500% since 1983?)
  • Durable Goods (household goods, jewelry, vehicles, electronics, etc.) account for 11.27% of Millennials assets compared to the Baby Boomers which only accounts for 3.71%.
  • Private businesses, or self/family owned businesses, have remained equally as important to individuals accounting for roughly 10-13% of assets from each generation. 

If you are part of the Baby Boomer generation, have you asked yourself these questions?

  • Is the next generation prepared to inherit my assets? If not, what steps can I take today to prepare them? 
  • Do I have proper beneficiary designations and estate planning documents in place?
  • Have I discussed my finances with my family?
  • Have I discussed my specific requests with my beneficiaries?
  • Have my beneficiaries met my financial advisor, attorney, insurance agent, etc.?

Source: Visual Capitalist, Cerulli Associates, Federal Reserve