Today, Ally Jane Ayers joined me to chat about the Great Wealth Transfer, and how women (and men) can prepare.
A few stats for context:
- Last year, Marketplace reported that $120 trillion in assets will pass from older Americans to their heirs and favored charities over the next 25 years. (It’s worth noting I’ve also seen numbers between $80 and $90 trillion)
- By 2039, millennials will outpace Gen X as the biggest beneficiaries of inherited wealth.
- But as my son would say, the math doesn’t exactly math. According to a Northwestern Mutual study, one-third (32%) of millennials expect to receive an inheritance (not counting the 3% who say they already have). But only 22% each of Gen X and Boomers+ say they plan to leave a financial gift behind.
- What’s also interesting is the rise of women taking control of their finances and becoming the decision-makers in how estates are being distributed. There was a recent Wall Street Journal article on this topic. There were lots of interesting stats, but one that stood out is that 70% of women change financial advisors after their spouse dies. It’s not surprising when you consider that women often have different financial priorities.
But even if you don’t think you’ll inherit a big chunk of money from mom and dad, you should be having conversations with them about money. AJ offers a lot of good advice in this chat. Check out her newsletter, for more accessible financial advice!
Money Changes Everything | Ally Jane Ayers | Substack
A newsletter about money, investing, saving, spending, and how these things impact our lives and relationships. Click to read Money Changes Everything, by Ally Jane Ayers, a Substack publication with thousands of subscribers.
Ally Jane Ayers
