There are significant generational differences in approaches to investing, giving and wealth planning, according to Bank of America in its 2022 Private Bank Study of Wealthy Americans. The findings show that the shift in influence and control over the largest share of U.S. personal wealth — $84 trillion is expected to pass primarily from the baby boomers to Gen X and millennials through 2045 — could have significant implications for families, wealth managers, charitable organizations and financial markets going forward.
"Wealth planning is inherently multigenerational," said Katy Knox, president of Bank of America. "As we see among our client families, financial behaviors and values take shape early in life and live on in the legacies passed from one generation to the next. These research findings point to a larger role wealth advisors and the financial services industry is playing in helping families transition wealth and meet the needs of the next generation."