Wealthy boomers doubt their heirs will keep giving as $124 trillion changes hands, BofA finds. The data shows a different reality

Wealthy baby boomers have spent decades building their fortunes—and the foundations, donor-advised funds, and giving traditions that come with them. But as the $124 trillion Great Wealth Transfer gets underway, a growing share of the older generation isn’t so sure their kids will carry on tradition the way they hope.

Fewer than half of wealthy Americans (47%) believe the next generation is prepared to take on family philanthropic causes, down from 55% in 2024, according to research from Bank of America released last week. The share of parents who believe their children share their commitment to giving back fell even more sharply to 65% from 76%. The bank surveyed more than 1,430 wealthy individuals in the U.S. aged 21 or older with at least $3 million in investable assets, excluding primary residence.

The confidence gap in philanthropy mirrors a broader anxiety wealth advisors have noticed about whether heirs are ready for any of it. 

“This is a very real concern I’m hearing from ultra-affluent families right now,” Tom Thiegs, managing director of leadership and........

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