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Survey Data From FreeWill: Younger Americans Plan to Get Financial Advisors when they Inherit, New Poll Finds
NEW YORK, Dec. 6, 2022 /PRNewswire/ -- Despite having a growing number of choices relating to how they manage their money, Americans poised to inherit significantly in the $84 trillion1 "great wealth transfer" say working with a financial advisor will be a major priority upon receiving their inheritance – according to survey data from FreeWill, a social-good enterprise at the nexus of philanthropy and estate planning. Surveying Millennials and Gen Xers whose parents or grandparents work with a financial advisor and who expect to receive an inheritance, FreeWill found that nearly eight in ten respondents are likely to seek professional help in managing their money once they have more of it, up from just 47% today. Additionally, greater than 70% of respondents prefer to work with a human advisor rather than an automated service. Of note:
Data also showed that female respondents had different sentiments than male respondents in terms of managing their money. Specifically:
Xia Spradling concluded, "Looking forward, there are several actionable insights we were able to glean from our data, particularly contrasts along gender lines, which suggest significant opportunity for advisors to invest in relationships with the daughters of current clients. Household spending and investment decisions increasingly do not adhere to strict gender roles." Of the respondents, 60% expect to receive an inheritance of at least $100,000 and 39% expect at least $250,000; 63% of respondents have an estimated current net worth of at least $100,000. Methodology Based on findings from a custom survey conducted by OnePoll on October 28-November 1, 2022, assessing 1,000 U.S. adults ages 25-57 whose parents or grandparents have a financial advisor and who expect to receive an inheritance. About FreeWill FreeWill is a social-good enterprise offering online tools that empower Americans to address commonly faced estate planning needs and make charitable donations in tax-advantaged ways, all for free. FreeWill also features a charitable giving platform that makes it easier for nonprofit fundraising teams to unlock transformational non-cash gifts. Through its partnerships with 1,000+ nonprofits who understand that major gifts often are part of estate plans, the company is also able to provide a comprehensive suite of estate planning and related tools to consumers free of cost. To date, FreeWill has generated more than $7 billion in planned and real-time gifts for more than 10,000 nonprofits while helping more than 600,000 consumers create wills and plan their estates. Contact View original content:https://www.prnewswire.com/news-releases/survey-data-from-freewill-younger-americans-plan-to-get-financial-advisors-when-they-inherit-new-poll-finds-301695236.html SOURCE Free Will |