Millennials are ‘very ill-prepared’ to be the richest generation in history, wealth manager says
At what age will millennials inherit this wealth?
Millennials, typically born between 1981 and 1996, are expected to inherit a vast $90 trillion wealth transfer over the next 20 years, according to estimates from global real estate consultancy Knight Frank. By the time millennials inherit this wealth, they will likely be in their 40s.
How do millennials view their role as stewards of wealth?
Millennials view their role as stewards of wealth with a focus on using it to improve the world they feel privileged to be in. They are more likely to prioritize investing in assets like cryptocurrency and real estate in another country. This generation is also more interested in investing in companies that align with their values, such as environmental, social, and governance (ESG) principles, as they believe these investments can contribute to a better world1.
What characterizes the spending habits of millennials?
Millennials, born between 1981 and 1996, have unique spending habits shaped by their experiences and values. They prioritize experiences over material possessions, are more inclined to spend on socially responsible brands, and value convenience. On average, millennials spend $52,000 per year, with a focus on housing, healthcare, and personal insurance. They also allocate more of their budget to dining out, travel, and tech services compared to older generations.