• Baby Boomers defined as people between the ages of 47 and 66
  • Generation X refers to people born between early 1960s and early 1980s
  • 55 per cent of Baby Boomers believe it's important to leave money to offspring
  • Most Baby Boomers believe each generation should earn its own wealth
  • Three-quarters of people younger than 46 favor leaving money to kids

By Snejana Farberov

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When members of the Baby Boomers generation die in the next 50 years, they will leave trillions of dollars in wealth behind, but their children should not hold their breath for a large inheritance.

According to the U.S. Trust Insights on Wealth and Worth annual study released on Monday, only 55 per cent of Baby Boomers - those between the ages of 47 to 66 - think it is important to leave money for their offspring.

U.S. Trust commissioned an independent, national survey of 642 high net worth adults, who were not clients, with at least $3million in investable assets. 

A study found that 31 per cent of wealthy Baby Boomers would prefer to leave their money to charity

Givers: A study found that 31 per cent of wealthy Baby Boomers would prefer to leave their money to charity

One of three Baby Boomers surveyed – about 31 per cent - don’t think it is important to leave a financial inheritance and said they would rather leave money to charity than to their children.

By contrast, three-quarters of wealthy people under age 46 said it's a priority to leave inheritance for their children.

The top reason for not wanting to leave money for their kids is the belief shared by some Baby Boomers that each subsequent generation should work to earn its own wealth.

Following closely behind is the thought that it is more important to invest in children’s success while they are growing up.

‘Our survey points to a shift in generational behavior and outlook, most likely shaped by personal experience and societal responses to economic realities,’ said Keith Banks, president of U.S. Trust.

Banks added that well-off parents are concerned that the next generation is not prepared to inherit wealth, which is not surprising considering the fact that most of the Baby Boomers surveyed don't talk to their kids about money: just 37 per cent said they've fully disclosed their net worth to their children.

Just 37 per cent of Baby Boomers said they've fully disclosed their net worth to their kids

Kept in the dark: Just 37 per cent of Baby Boomers said they've fully disclosed their net worth to their kids

Those over age 67 said they weren't having this discussion because they were raised to avoid money talk, while younger respondents said they didn't want to inhibit their kids' work ethic.

Unlike the majority of people from her generation, 63-year-old Kathleen Taylor, of Chimacum, Washington, taught her two grown children since they were young to be responsible for their own money.

That is why she plans to leave most of her money to her children and some money to charitable causes, ABC News reported.

One way Taylor and her husband taught their children about responsible spending was providing the value of college tuition, room and board to each of them and putting them in charge of paying the bills.

‘People thought we were crazy,’ she told ABC.

The Taylors plan to start a college fund once their children start having their own kids. And they intend to add to it on their grandchildren’s birthdays as long as Taylor and her husband are alive.

Mrs Taylor said she hopes her own children will do the same for their great-grandchildren.

The U.S. Trust study also has found that 42 per cent of Baby Boomers and 54 per cent of those under age 46 are paying medical costs for their parents or other relatives.