Gen Z Feels Differently About Sharing Inheritance With Family

When it comes to inheritance, Gen Z is the least likely to redistribute wealth among family members who didn't get their fair share, according to exclusive research commissioned by Newsweek.

Just over 50 percent of Generation Z respondents, aged between 18 and 24, were supportive of the idea. The poll of 1,500 American adults was conducted by Redfield & Wilton Strategies for Newsweek.

By contrast, that figure was closer to 60 percent across every other age group polled. The only other group that came close was the 45 to 54 age bracket, where 56 percent were in favor of inheritance redistribution.

The Bureau of Labor Statistics estimates 30 to 40 percent of U.S. households will receive some form of inheritance. However, how that money is distributed can often be a source of some conflict.

One recent viral story saw a woman spark fury after being left everything by her husband of six years. The husband never left a will, meaning everything went to her, rather than his immediate family.

In another instance, a young man drew an angry response from his mom after reacting furiously to the news that he would be sharing his inheritance with his stepbrother.

Elsewhere, a mom caused outrage for expecting all her children to inherit something from her ex-husband's family, even those from her second marriage.

Previous research has highlighted how money concerns represent a prominent worry among Generation Z. The Deloitte Global 2022 Gen Z and Millennial Survey found 46 percent of Gen Z respondents live paycheck to paycheck and worry whether they can cover bills.

The survey found 31 percent are concerned they will not be able to retire with financial comfort while 29 percent do not feel financially secure. The cost of living crisis represented the top concern about the world today among Gen Z with 29 percent of respondents ranking it as the biggest worry, ahead of climate change (24 percent).

These concerns might go some way to explaining why a significant proportion of Gen Z might be hesitant to redistribute inherited wealth.

Gen Z has had to experience recession and wage stagnation at a time when figures show baby boomers, born during the revolutionary two decades that followed the end of the Second World War, are the richest generation on the planet, with the average Boomer being worth $1.2 million.

When some of that wealth does eventually trickle down, it looks like Gen Z, perhaps understandably, maybe a little wary about sharing it around any further.