Demographics and wealth “journeys” influence viewpoints
If there’s one word that summarizes American culture today, it might be “change.” Transformational technological, social, cultural and economic changes are taking place in almost every aspect of life, and with that are new ideas and approaches to building, protecting and passing on wealth.
At the same time, we’re in the midst of a historic generational transfer of wealth — $84 trillion is expected to pass from baby boomers to Generation X and millennials through 2045, according to market research firm Cerulli Associates. Of that, $73 trillion will transfer to heirs while $12 trillion will go to philanthropy. As influence and control over a considerable amount of U.S. wealth continues to shift, generational differences in perspectives about money and the use and purpose of wealth will have significant implications for individuals and families, the businesses they own, charitable organizations, the markets and the economy as a whole.
Bank of America Private Bank conducted this comprehensive survey of high-net-worth and ultra-high-net-worth individuals in the U.S.
to better understand the evolving dynamics of wealth in a changing America. This research also reveals how views on wealth are shaped — not just by age, gender or level of wealth, but also by each person’s personal journey to wealth, whether it was largely inherited or self-created, or whether they came from affluence or modest means. Indeed, the data suggests that, in certain topic areas, journey and origin wield considerable influence on people’s views and behavior.
Read on for a full discussion of these findings.
