Thirty-one percent of American adults in a recent survey say they plan to leave an inheritance or a financial gift to a nonprofit organization, up from 24% who said this in 2024, Northwestern Mutual reported this week.
At the same time, only 20% of respondents say they expect to receive an inheritance, down from 25% last year.
Expectations for leaving an inheritance have increased year over year across all generations, the survey found, while expectations for receiving one have fallen. As such, the gap between what Generation Z and millennials say they expect in the way of an inheritance versus what their parents actually plan to leave behind is narrowing.
Notably, 39% of Gen Zers said they plan to leave an inheritance or financial gift behind, more than any other generation.
Three in 10 Gen Zers said they expect to receive an inheritance, while another 10% have already received one and do not expect another one. A similar number of respondents said they expect to provide one: 32% of millennials, 26% of Gen Xers and 30% of baby boomers and older.
Last year, 38% of Gen Zers said they expected an inheritance, while only 28% of millennials, 22% of Gen Xers and 22% of boomers said they planned to leave one.
For their part, 26% of millennials in the survey expect to receive an inheritance (excluding the 6% who said they already have gotten one), while 26% of Gen Xers and 30% of boomers plan to leave one.
Fifty-seven percent of survey participants who expect to receive an inheritance said it is critical or highly critical to their long-term financial security, rising to 63% of Gen Zers and 69% of millennials.
“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,” Kamilah Williams-Kemp, chief product officer at Northwestern Mutual, said in a statement.
“Many adults feel like they can’t leave a legacy tomorrow without sacrificing their goals today — but the silver lining is this: With comprehensive financial planning, it’s very possible to do both.”
The survey results are the latest findings from Northwestern Mutual’s 2025 Planning & Progress Study, which was conducted by The Harris Poll in January among 4,626 U.S. adults.
Next-Gen Beneficiaries
Among those who expect to leave an inheritance, 64% said doing so is either their most important financial goal or a very important one. Interestingly, leaving an inheritance is a higher priority for younger adults than for their elders: 68% of Gen Zers and 74% of millennials versus 66% of Gen Xers and 47% of boomers.
Two-thirds of those who expect to leave an inheritance said they plan to give it to their children and grandchildren. Forty percent named their spouse, and 32% said they would leave a gift to charitable organizations/causes/religious institutions.
“Across generations, Americans are placing a high value on leaving a legacy,” Williams-Kemp said. “Gifting to the next generation is a deeply personal and important financial goal that requires thoughtful planning at every stage of life.”
Planning for the Future
The survey results make it clear that Americans want to leave behind a financial legacy, but many have not taken the steps to ensure that it happens. Thirty-nine percent of boomers and 61% of Gen Xers reported that they do not have a will, nor do three-quarters of Gen Zers and millennials.
Still, 60% of respondents who expect to leave an inheritance or a financial gift or donation to a nonprofit said they have had a conversation with their family about their plans.
Moreover, 77% of parents said they would feel comfortable formally including their teenage or young adult children in annual meetings with their financial advisor. Sixty-seven percent said doing this would teach or instill good financial habits in their children, and 61% said it would introduce them to financial planning concepts.
“Leaving an inheritance is more than just a financial gift — it’s a way to create opportunities and build long-term security for generations to come,” Williams-Kemp said.
Including family and loved ones in discussions about estate planning can ensure that one’s wishes are fulfilled and one’s legacy endures, she said. “A trusted financial advisor can be extremely helpful when navigating those difficult conversations.”
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.