Sarah Green Carmichael, Columnist

The ‘Great Wealth Transfer’ Is a Delusion

The idea that inheritance from boomer parents will solve millennials’ money problems is way off base.

April 5, 2024 at 11:00 AM UTC

Sarah Green Carmichael is a Bloomberg Opinion columnist and editor. Previously, she was an executive editor at Harvard Business Review.

Don’t count your chickens.
Photographer: Ippei Naoi/Moment RF

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The Great Wealth Transfer sounds like a heist film or a game show. It’s neither.

It’s a (rather morbid) shorthand for the massive amount of money boomers are expected to leave to their millennial kids — making those adult children the “richest generation in history,” according to some headlines. This, we’re told, will help solve the student debt crisis; allow cash-strapped 30- and 40-somethings to finally get into the housing market; and even help them make up for lost time on saving for retirement. Thanks for the parting gift, Mom and Dad!