Younger and older wealthy Americans differ in their average portfolio allocations. Those aged 21 to 43 invest 28% in stocks, 19% in bonds, 19% in cash, 17% in alternatives, 14% in crypto and 5% in other. Those aged 44 and older invest 55% in stocks, 19% in bonds, 15% in cash, 5% in alternatives, 1% in crypto and 5% in other.

When making investment decisions, 92% of respondents aged 21 to 43 consider capital gains tax, 89% consider dividends, 90% consider transaction fees/expense ratios, 88% consider the intended use of the proceeds, 82% consider a company's ESG track record, and 86% consider the sentimental value of the investment. Of respondents aged 44 and older, 83%consider capital gains tax, 81% consider dividends, 66% consider transaction fees/expense ratios, 43% consider the intended use of the proceeds, 35% consider a company's ESG track record, and 26% consider the sentimental value of the investment. 

72% of legacy-wealth respondents - those with an upper-class upbringing and an inheritance - agree it's important to leave money to children/heirs. 68% of head start respondents - those with an upper-class upbringing and no inheritance, or a middle-class upbringing with some inheritance - agree, as do 53% of self-made respondents - those with a middle-class or poor upbringing and no inheritance.

42% of legacy-wealth, 43% of head start and 30% of self-made respondents say their primary goal for wealth is preserving wealth for children, heirs and future generations. 24% of legacy-wealth, 34% of head start and 34% of self-made respondents say their primary goal for wealth is maintaining their lifestyle. 9% of legacy-wealth, 5% of head start and 15% of self-made respondents say their primary goal for wealth is spending without leaving much behind. 12% of legacy-wealth, 7% of head start and 10% of self-made respondents say their primary goal for wealth is leaving behind a positive legacy. 11% of legacy-wealth, 8% of head start and 8% of self-made respondents say their primary goal for wealth is charitable endeavors.

Younger respondents - Gen Z and millennials - reflect 72% legacy wealth, 24% head start and 4% self-made people. Older respondents - Gen X, boomers and the Silent Generation - reflect 26% legacy wealth, 45% head start and 28% self-made people. 

74% of legacy-wealth, 89% of head start and 93% of self-made respondents are involved in direct giving. 39% of legacy-wealth, 42% of head start and 45% of self-made respondents are involved in volunteering. 21% of legacy-wealth, 13% of head start and 13% of self-made respondents are involved in fundraising. 12% of legacy-wealth, 8% of head start and 13% of self-made respondents sit on the board. 19% of legacy-wealth, 7% of head start and 6% of self-made respondents use charitable trusts. 14% of legacy-wealth, 7% of head start and 9% of self-made respondents use donor-advised funds. 12% of legacy-wealth, 6% of head start and 6% of self-made respondents are involved in mentorship. 11% of legacy-wealth, 4% of head start and 2% of self-made respondents are involved in a family foundation.

For legacy-wealth respondents, 14% say they're currently experiencing strain over inheritance, 21% say they have experienced it in the past, and 10% say no, but they anticipate it will happen. For head start respondents, 7% say they're currently experiencing strain over inheritance, 9% say they have experienced it in the past, and 9% say no, but they anticipate it will happen. For self-made respondents, 1% say they're currently experiencing strain over inheritance, 8% say they have experienced it in the past, and 7% say no, but they anticipate it will happen. 

100% of legacy-wealth, 83% of head start and 0% of self-made respondents say they have received some inheritance

Reasons for strain. 41% of younger, 65% of older and 59% of total respondents say the reason is interpersonal family dynamics. 29% of younger, 41% of older and 38% of total respondents say it's the unequal distribution of assets. 36% of younger, 20% of older and 25% of total respondents say it's a lack of clear instructions and documentation. 32% of younger, 22% of older and 24% of total respondents say it's a lack of communication. 33% of younger, 12% of older and 18% of total respondents say it's a lack of trust/transparency in the executor/trustee.

When named trustee/executor, 67% of respondents aged 21 to 43 say they had positive feelings about their role, 12% had neutral feelings and 23% had negative feelings. 27% felt burdened, 65% felt overwhelmed and 5% felt annoyed. 66% of respondents aged 44 and older say they had positive feelings about their role, 9% had neutral feelings and 25% had negative feelings. 57% felt burdened, 35% felt overwhelmed and 8% felt annoyed.