Wealthy baby boomers are increasingly skeptical that their heirs will maintain family philanthropic traditions as the $124 trillion Great Wealth Transfer begins, according to Bank of America research released last week. The study found that fewer than half of wealthy Americans (47%) believe the next generation is prepared to manage family giving causes, down from 55% in 2024. Additionally, only 65% think their children share their commitment to giving back, a decline from 76%.
The Bank of America survey included over 1,430 wealthy U.S. individuals aged 21 or older with at least $3 million in investable assets, excluding primary residences. Tom Thiegs, managing director of leadership and legacy at Ascent Private Capital Management with U.S. Bank, said parents express concern that inherited wealth might reduce their children’s motivation. Trent Von Ahsen of Cedar Point Capital Partners noted that some clients prefer mentorship and phased wealth transfers over lump-sum inheritances to address these worries.
This confidence gap in philanthropy reflects a broader unease among wealth advisors about heirs’ readiness to handle inherited wealth responsibly. Despite these concerns, the study found younger donors to be more engaged by several measures, suggesting a complex dynamic in how philanthropic values are transmitted across generations. The findings highlight challenges in sustaining charitable giving as vast fortunes pass to younger family members.
The Bank of America survey underscores shifting attitudes among ultra-affluent families as the Great Wealth Transfer unfolds, with the next generation’s role in philanthropy under scrutiny. The data was released in early October 2026, marking a critical moment for wealth management strategies focused on legacy and giving.