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B. G., Opalesque Geneva: US$84 trillion is expected to pass from the wealthy baby boomers to Gen X and millennials through 2045. This shift in influence and control over wealth could have significant implications for families, wealth managers, charitable organizations, and financial markets going forward.
Indeed, the 2022 Bank of America Private Bank Study of Wealthy Americans found significant generational differences in approaches to investing, giving and wealth planning.
For a start, younger generations are more likely to engage in new investment strategies, as 75% of investors between the ages of 21 and 42, compared to 32% of investors over age 43, do not think it is possible to achieve above-average returns solely with traditional stocks and bonds.
80% of young investors allocate three times more of their investment portfolios to alternative strategies (16%) and half as much to stocks than older investors. Nearly half the young investors have cryptocurrency holdings. And nearly three-quarters of millennials, compared to 21% of older respondents, make sustainable investments.
The younger generation is more optimistic about their ability to achieve philanthropic goals - 87% believe their giving will be more effective than earlier generations. Three quarters of respondents prefer to ...................... To view our full article Click here
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