Are younger generations really more generous than older generations, including the Baby Boomers, many of whom steered themselves into a comfortable retirement? That’s a tough question to answer, but in this piece, we’ll look at what the data says and try to interpret the numbers.

According to a recent 2024 social security survey conducted by the Nationwide Retirement Institute, there’s a stark contrast in generational attitudes towards how one plans to use their retirement nest egg.

Indeed, some people value getting the most out of their retirement while aiming to minimize the amount left over upon their passing. This strategy is the premise of Bill Perkins’ incredibly well-written book Die With Zero, which goes into depth on getting the most of one’s money and minimizing the risk of passing away with a fortune.

Sure, such a strategy may seem somewhat selfish on the surface (spending it all and dying with zero, leaving nothing behind for the kids or grandkids). That said, Perkins suggests it’s a good idea to give away money to the kids before one passes. Not only will the giver have the benefit of smiling at how their loved ones use the money, but the receiver will also get more value out of the money received.

Indeed, it’s an interesting concept to give money while one is living rather than plopping heirs a lump sum at some unknown date in the future. That said, it’s not hard to imagine that doing such a thing would give many retirees a greater fear of running out of money. In any case, it’s a very personal choice for which there are no right or wrong answers.

Key Points About This Article

• A recent survey reveals younger generations intend to leave more of their retirement for others.
• The generational difference in attitude is quite interesting.
• Also: Take this quiz to see if you’re on track to retire ^(Sponsored)

Digging into the numbers. Are younger generations more selfless when it comes to their nest egg?

Now, back to the survey, which revealed that a greater chunk of younger generations have less desire to “spend all of my retirement savings and income to get the most out of my life in retirement” and more desire to “leave some of my retirement savings and income behind for others.” By “others,” it’s not just about inheritance for the kids or grandkids. Rather, it’s about leaving money to loved ones and even causes they believe in.

For instance, the great Warren Buffett plans to give 99% of his wealth away to charitable causes. Further, he’s been giving many billions of dollars away over his career.

As to whether younger people are more willing to follow in Buffett’s footsteps regarding charity remains the big question. In any case, I think it’s remarkable that there’s a trend that shows younger people seem more willing to consider others with their retirement nest egg. However, only time will tell if their attitude shifts once their nest egg swells in size and they’re closer to their own retirement.

The differences in generational attitudes are intriguing.

According to the survey, 69% of Gen Z, 57% of Millennials, 49% of Gen Z, 46% of Baby Boomers, and 39% of those aged 60-65 “intend to leave some” retirement for others. What’s most striking, I believe, is that those on the cusp of entering retirement scored the lowest despite being a member of the Baby Boomer generation! Perhaps confidence in one’s nest egg erodes the closer one gets to the retirement finish line.

Either way, I believe that everyone should set a meeting with their financial adviser so that they can achieve a plan that aligns with their values.

For some, it’s about maximizing enjoyment in retirement with little to no consideration for leaving anything behind. For others, it may be more about what they’ll leave behind. However, for most, it’s about something in the middle. That’s why it’s vital that a financial pro guide you on the ropes as you aim to optimize your nest egg’s usage.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.