different generations
Adobe stock / minerva studio

When it comes to inheritance, boomers and millennials aren’t seeing eye to eye.

A recent survey conducted by Ipsos for Sun Life revealed that boomers are intending to leave a much greater inheritance than millennials are expecting to receive.

The survey found, on average, that boomers who intend to leave 100% of their inheritance to their kids are planning to give around $940,000. In contrast, millennials are expecting about $309,000.

This gap widens even further when baby boomers work with a financial advisor, as they are expected to leave over a million dollars.

However, of the 44% of boomers surveyed who plan to leave an inheritance, the survey found that less than half (47%) have an estate plan and one-quarter (26%) have not discussed their plans with the intended recipient.

“Receiving an inheritance presents a huge opportunity for millennials whose generation has faced immense economic pressure including volatile interest rates and exorbitant housing costs,” said Brian Burlacoff, an advisor at Sun Life. “It’s important for boomers and millennials alike to have transparent conversations about estate planning.”

The survey is based on an Ipsos poll conducted between Aug. 30 and Sept. 1 that included a sample of 750 millennials (aged 27-42) and 750 boomers (aged 58-77).