Baby boomers don’t trust younger generation to use their inheritance wisely

One in four Baby Boomers do not trust the younger generation to use their inheritance wisely, a survey claims.

The poll by professional services firm Progeny also found nearly half (48%) of those in this age group said the attitudes and priorities of younger generations affect their decision-making around transferring their wealth.

Its report aimed to uncover national attitudes around gifting or leaving money as an inheritance, and polled three generations for their views.

The majority of respondents said they intend to pass on something to the next generations of their family, with 60% planning to do so.

However, of those aiming to provide financial support or inheritance to loved ones, 49% did not know, beyond that, how they might do it.

Fewer than half (47%) of Baby Boomers were confident about making plans or taking financial decisions about transferring wealth, and a third (32%) said they were not confident.

Neil Moles, chief executive of Progeny, said: “This research has given us an illuminating snapshot of national attitudes towards inheritance and intergenerational wealth transfer today.

“Transferring money to the next generation is an ambition for many, yet there is a stark lack of any structured planning in evidence.

“This creates risk and missed opportunities for those on both sides of the inheritance divide.”

In an earlier survey, the Mirror reported the generation had more time than other generations.

Time-rich baby boomers do an extra 104 minutes of exercise per week compared to Gen-Z, according to research.

Data found Baby Boomers – those aged 57-70 – were the most active, exercising for an average of 215 minutes-a-week.

In contrast, Gen Z – those aged 18-24 – were the most inactive, with a weekly average of 111 minutes of exercise.

The study also suggested a positive link between exercise and mental health with Baby Boomers rating their mental wellbeing higher than their younger counterparts.

The Global State of Mind Index, commissioned by ASICS, found Baby Boomers had the highest State of Mind score at 68 out of 100.

But in contrast, Gen-Z, who were the most inactive, had the lowest score at just 55 out of 100.

A follow up study of 2,000 adults commissioned by the brand looking into the reasons behind this ‘generational exercise gap’ found 38% of baby boomers saw regular physical activity as ‘essential’ to remain connected to their peers.

But for Gen Z, who exercise the least of all age groups, 56% said they are time poor and struggle to fit physical activity around work and social commitments.

Other barriers for young adults when it comes to exercise included a not having the motivation (26%), while 15% felt they weren’t educated enough on how to stay fit and healthy.

It also emerged that baby boomers said exercise was their top hobby, but Gen-Z are more likely to spend their spare time watching TV (31%), listening to music (30%) or sleeping (25%).

As many as 63% quizzed admitted there are some days where they just can’t find the motivation to get themselves up and out of the house, despite knowing they are likely to feel better for it.