One in three Americans say their financial stability is dependent on receiving an inheritance, according to a survey released Thursday by Merrill Edge, an online discount brokerage service provided by Bank of America Merrill Lynch. Some 36 percent of Generation X-ers and 32 percent of millennials and 20 percent of baby boomers say they’re relying on their family fortunes. For Generation Z, which is aged 18 to 22, this number jumps to 63 percent, despite 87 percent describing their approach to financial decisions as “do-it-myself.”
- Are you an adult and still mooching off your parents? Are you counting on their inheritance to survive?