BMO Real Financial Progress Index Reveals Shifting Generational Wealth Transfer

• Three-in-five Gen Z parents still get financial help from their own parents, and 71% are also responsible for caring for an aging family member.

CHICAGO, Sept. 25, 2025 /PRNewswire/ - New findings from the BMO Real Financial Progress Index reveal American families are navigating a complex web of intergenerational financial responsibilities. Young parents are increasingly relying on their own parents for financial support, while also preparing to support their children into adulthood and often caring for aging relatives at the same time.

According to the BMO survey, 61% of Gen Z parents and 47% of Millennial parents expect to receive or request financial help from family in the next year. Overall, 45% of Americans with children under 18 plan to seek financial support from parents or grandparents.

This financial interdependence is matched by expectations to provide long-term support to the next generation. A significant majority of younger parents believe financial responsibility extends well into adulthood:

• 82% of Gen Z, 84% of Millennials, and 80% of Gen X say parents should support their kids financially into adulthood, compared to 74% of Boomers.
• Notably, 27% of Americans believe parents should support children financially for as long as they're alive.

These expectations are translating into action, with 48% of parents and 41% of grandparents planning to provide financial assistance to adult children this year. This includes a sharp increase compared to the previous quarter, from 37% to 47%, of parents and grandparents planning to support their adult children or grandchildren.

"Families today are navigating a financial balancing act that spans three generations. This shift demands more than just budgeting – it calls for a thoughtful, holistic strategy that aligns short-term needs with long-term goals like legacy planning and wealth preservation," said Leila Francis, National Head, Fiduciary Advisory Services at BMO. "At BMO, we're helping families ensure they're not just managing today's responsibilities, but also building sustainable wealth for tomorrow."

Counting on the Great Wealth Transfer – And Planning for the Next One

Nearly half of working-age Americans (48%) expect to inherit money from their elders, while 43% anticipate receiving real estate and 46% expect valuable personal items like jewelry.

Gen Z and Millennials are particularly optimistic about receiving an inheritance:

• 60% of Gen Z and 50% of Millennials expect to receive personal property of value such as art or jewelry.
• 59% of Gen Z and 53% of Millennials anticipate a cash inheritance or trusts.
• 53% of Gen Z and 49% of Millennials expect to receive real estate.
• 49% of Gen Z and 44% of Millennials foresee getting life insurance payouts.
• 48% of Gen Z and 44% of Millennials expect non-retirement investments.

In contrast, only 39% of Gen X and 35% of Boomers say they've received or expect to receive a cash inheritance, and just 36% of Gen X and 24% of Boomers expect real estate.

Early in their earning years, Gen Z is also optimistic about planning to pass down wealth – more so than Gen X and Boomer respondents, who are currently balancing supporting their adult children with staying on track for their own financial goals, such as retirement:

• 81% of Gen Z respondents plan to leave a cash inheritance or trust.
• 76% will pass on non-retirement investments.
• 75% expect to transfer real estate and life insurance.
• 74% plan to leave retirement savings.

Additionally, 65% of Gen Z intend to pass down a family business should they own one – far more than Millennials (52%), Gen X (28%), or Boomers (8%).

"The way families provide financial support is evolving; it's no longer just about helping children get started, but also about preparing for legacy and longevity," said Michele Havens, U.S. Head of Wealth Management at BMO. "Whether it's navigating inheritance, supporting aging parents, or passing down a business, families need tailored guidance. Our goal is to help them drive real financial progress that serves the entire family tree, building wealth and creating lasting change that empowers multiple generations to thrive."

The Generational "Sandwich Press"

Americans are not managing financial responsibility only for their children. Many are also challenged by the financial pressures that come with being in the "sandwich generation," defined as being responsible for the care of both children and aging parents or other family members.

• 59% of Americans with children under 18 say they are also responsible for the emotional and/or financial well-being of aging parents or in-laws.
• 71% of Gen Z parents and 62% of Millennials report caring for aging family members, compared to 46% of Gen X and just 13% of Boomers.

BMO Helps Families Make Real Financial Progress 

To help families manage these evolving responsibilities, BMO offers tools and resources to support financial planning across generations:

• Take advantage of digital banking tools: BMO customers can use digital tools like BMO Total Look to manage all of their accounts in one place and add a savings goal to track progress towards financial milestones.
• Build a budget: The BMO Real Financial Progress Hub offers resources to help save, spend, plan, and borrow better to accomplish their financial goals.
• Don't go it alone: For those who have built up assets and want to understand the best way to manage the transfer to the next generation, meeting with a BMO Wealth Advisor will help with examining their long-term financial goals.

To learn more about how BMO helps families make real financial progress, visit https://www.bmo.com/us.

About the BMO Real Financial Progress Index

Launched in February 2021, the BMO Real Financial Progress Index is an indicator of how consumers feel about their personal finances and whether they are making financial progress. The survey aims to spark dialogue that will help consumers reach their financial goals and to humanize a topic that causes anxiety for many – money.

The research detailed in this document was conducted by Ipsos in the U.S. from June 10 to July 17, 2025. A sample of n=2,500 adults ages 18+ in the U.S. were collected via the Ipsos panel. Quotas and weighting were used to ensure the sample's composition reflects that of the American population according to census parameters. This survey has a credibility interval of +/- 2.4 per cent 19 times out of 20, of what the results would have been had all American adults 18+ been surveyed.

About BMO Financial Group 

BMO Financial Group is the seventh largest bank in North America by assets, with total assets of $1.4 trillion as of July 31, 2025. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society. 

SOURCE BMO US