Young adult children of millionaires in the U.S. care more about their parents’ values than their wealth. However, not all family values are shared equally among the two generations, according to a survey by Wells Fargo Private Bank.
Nine out of 10 young people whose parents had an estimated net worth of at least $1 million say the most important thing they will inherit from their parents is their values, not their wealth.
Wells Fargo Private Bank surveyed 1,003 individuals from Generation Z (ages 16 to 21) and younger millennials (ages 22-26) nationwide between July and August 2018. Findings were presented in New York on Wednesday.
“We hear all the time what parents are talking to their children about, but rarely do we hear from the children,” says Katherine Dean, head of family dynamics for Wells Fargo Private Bank. “These are the generations responsible for carrying on the family legacy, so it makes a big difference when families collaborate and communicate their shared values.”
About 44 percent of those surveyed say they have a different focus on money than their parents do. Instead, they focus more on “enjoying life to the fullest here and now.” While only 37 percent of respondents say their parents talked a lot about this with them, 67 percent of children thought it most important to them.