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A Wealth Shift That Could Leave Some Younger Americans Behind

·1 min

Alainta Alcin is skeptical about the predicted transfer of wealth from baby boomers to millennials, as it does not align with her own family’s financial situation. Alcin’s mother is struggling to make ends meet, living paycheck to paycheck. While economists anticipate a substantial impact from the wealth transfer, they often overlook families without assets to pass on. This can be particularly challenging for first-generation Americans like Alcin, who has observed her mother’s difficulties after her father’s passing. Many young adults fear that supporting their aging parents will hinder their ability to save for retirement. Although data shows significant average net worth among those aged 65 to 74, the median value is much lower, including home and investment values.