The idealism of the millennial generation shines brightly in Personal Capital’s latest survey of affluent families. The online survey of just over 1,000 affluent investors, 18 or older with assets of $500,000 or more, found that millennials with children plan to spend more on their children’s college education and home purchases than older generations.
They’re three times as likely to say they will cover the entire cost of their kid’s home purchase, and twice as likely to contribute a full down payment compared with parents overall. Moreover, 70 percent say they would prioritize saving for their kid’s education over saving for their own retirement. In comparison, just under 50 percent of parents overall say they would adopt that strategy.
The survey also found that among all affluent parents, close to one-fifth plan to support their children into their 30s, 12 percent plan to continue that into their 40s and 97 percent plan to leave an inheritance to their children. Just over 90 percent plan on leaving $100,000 or more to their heirs.
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