The financial challenges facing young people in America have been widely reported. Millennials and 'Gen Zers' continue to carry over $1 trillion in student loan debt, and are resigned to the prospect of renting long term rather than buying properties. Experts have observed that these age groups are even altering the way they define success – that is, less defined by the money they have, and more by the way they live. Success for them is doing meaningful work with a better work-life balance.
USAWillGuru.com, a provider of will & testament information – conducted a survey of 3,000 Gen Zers, revealing, somewhat unsurprisingly, how little in the way of financial value they expect to pass on to future generations when they are their parents’ age.
The study revealed that in fact, one-third (32%) of Generation Zers in Utah do not believe they ever will own significant assets to include in their wills when they are older. On the flipside, 76% of those surveyed said that they doubt they will inherit assets of any 'significant value’ from their parents.
Generation Zen? Encouragingly, when asked if they would donate part of their estates to charities, 80% of young Utahns said they would - above the national average of 65%.
Respondents were also asked who they plan to include as beneficiaries in their wills. It was found that close to 3/4 (74%) said they would pass their assets on to their family. 21% said they would gift proceeds to charity and just 2% said their assets would go to their friends.
A reflection of the sign of the times, a quarter (32%) of young respondents in The Beehive State say they would indeed consider leaving some money to organizations that combat climate change. Considering there is no Planet B, donating funds to help fight the effects of global warming is a great way to ensure this planet is conserved for future generations.
USAWillGuru.com also created a handy interactive map where you can view these results broken down across the U.S.: https://www.usawillguru.com/post/generation-zen
‘While the research clearly shows Generation Z do not expect to own significant assets to pass down to future generations, it is necessary to emphasize the importance of drawing up a will, regardless of the value of your estate,’ says Martin Brieger of USAWillGuru.com. ‘Take note that if you have not created a will by the time of your passing, your assets will be divided according to the law, which is perhaps not in line with your wishes.’
