Like generations that came before them, Gen Z and Millennials want to own homes, start businesses, retire comfortably, and leave something for their loved ones. However, not everyone has an equal chance of achieving these ambitions. Julian Bond Institute’s 2050 Survey, a nationally representative survey of Americans’ financial experiences and aspirations, found that whether Gen Z and Millennials are on track to achieve their financial aspirations is in part determined by the financial resources of their households of origin. Whereas people with intergenerational wealth are more likely to be on track to achieve their own wealth-building goals, those who have faced financial hardships in childhood are more likely to feel off track and more likely to experience further wealth stripping from high-cost credit products. Drawing on data from the 2050 Survey, we illustrate the uneven playing field of intergenerational wealth in six charts. Policymakers and financial institutions must act now to close access gaps and rein in predatory credit products, so that young Americans can achieve their financial ambitions regardless of the financial resources of their family of upbringing.
$84 trillion will pass from Baby Boomers to their heirs in the coming decades — the largest intergenerational wealth transfer in history. For most White families, it will compound generational advantage. JBI examines the retirement savings gap, the estate planning crisis, and the structural forces that determine who benefits from the Great Wealth Transfer.
