Millennials Make Most of Massive Inheritance: Study

There are four things you can do with a pile of money: spend it, give it to charity, give it to Uncle Sam or give it to your children. For years, maybe centuries, the last has been the least favorite option.

But the fact is that young Americans—the group known as millennials—are inheriting their wealth at a greater rate than the two previous generations. Among those under 32 years old with up to $1 million to invest, a third inherited their money, according to a study released this week by the wealth research firm Spectrem Group. Fewer than a quarter of Gen Xers or baby boomers can say the same.

Of those who have more than $1 million to invest, the disparity is even larger in favor of the millennials.

The good news is that the millennials may also be the generation most suited to their sizable inheritance. The youngest U.S. adults are shown in survey after survey to be conscious that the American Dream is no longer a guarantee, and that knowledge seems to have made them better savers, more risk averse and more worried about their retirements than their parents or their grandparents.

They are even worried about their parents.  And indeed, Spectrem's study found that a greater percentage of millennials were concerned about caring for aging parents than they were about their own health.

Source:  Paul O'Donnell, CNBC

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