Every once and a while, I get permission to share a terrific set of IMPACTS data that makes me absolutely giddy. Usually, this kind of data drives home a point that I’ve been seeing over and over again in my work with zoos, aquariums, and museums.
…but, sometimes, that “wow factor” data is a little bit more out-of-left-field. This is a series of such data. It ties into my last post highlighting how millennials are optimistic about their financial futures. And it may be alarming.
Now I’m no parent myself, folks, but if you have an adult child under 35 years old, you may want to talk to him or her about their inheritance – which may well help explain their remarkable optimism about their financial futures! Data suggests that there’s a rather significant expectation delta between millennials and their parents on this front. Here’s what we asked, and here’s what we found:
1) Do your parents plan to leave you a significant inheritance?
We asked several thousand millennials if they thought that their parents would leave them a “significant inheritance.” A majority of members of Generation Y reported, “Yes.”
2) Do you actually plan to leave your child a significant inheritance?
Then we asked a similar question to parents of millennials. When comparing this to the above data, the discrepancy is astounding. A vast majority of parents with millennial children do NOT plan to leave their child a significant inheritance.
3) There’s an average difference of $359,970 between what parents plan to give their children in inheritance, and what their children expect to receive.
We asked millennials who believed that their parents would indeed leave them an inheritance to go one step deeper: How much did they think that their parents were going to leave them? An average of $403,845 it turns out!
We also asked parents who reported that they plan to leave their children an inheritance to quantify the amount of their planned monetary legacy. The result? An average inheritance of $43,875 – 9.2 times LESS than millennial children expected.
We millennials are indeed a financially optimistic group! One thing’s for sure: Generation Y is going to face some harsh realities in the coming decades that will no doubt alter the way that nonprofits need to build relationships with these folks. In the meantime, as organizations adjust their nonprofit PR strategy to target millennials, (and if you’re a parent), perhaps consider heading down to the basement living space of your millennial child and having “the talk” with them. Data suggests that we just may need a little snap back to reality.