Wealth Transfer

Insights into giving and inheriting wealth across generations

Within a generation, over $3.2 trillion is expected to be passed down to inheritors in the United States. How are American families preparing for one of the largest transfers of wealth in history? And will inheritors be ready? We surveyed more than 1,200 Americans to find out.

Personal journeys of learning

At what age do you think people should start learning about wealth and money?

28is the average age to start.

But respondents who began before 18 are more confident in their knowledge of wealth and money.

Infographic Ages
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How do people learn about wealth and money? You may be surprised. We surveyed 1,235 Americans with average investable assets of $4.3 million. Our research reveals that, while financial lessons typically begin with family, most people learn about money matters on their own.

Key findings:

  • Financial guidance begins later than you might expect, at age 28
  • 55% of respondents conduct their own research to improve their financial literacy
  • Financial education is guided by family, but it’s not the most effective method

“No child or teenager really wants to listen to their parents discussing this stuff. Generally when money conversations happen between parents and children, it focuses on their allowance, but having some kind of formal process would be helpful. Nothing other than a strong education can prepare you.”

– Alexandra, a US-based entrepreneur

Most people want to preserve and grow their wealth so that future generations can carry on their values, give back to their communities, and build lasting legacies. That’s why our research explores their intentions and actions when it comes to transferring wealth to the next generation.

We surveyed 3,105 people in Canada, the United Kingdom and the United States with an average net worth of US$4.5 million, and supplemented the data with one-on-one interviews. These individuals included men and women, professionals and entrepreneurs, business owners and retirees, givers and inheritors. We discovered that people are concerned that their heirs will not have the financial knowledge to preserve and grow family wealth. Our research underscores the critical importance of advance preparation and effective knowledge transfer in creating legacies that last.

Let’s connect

We want to talk about your financial future.