personal Young People Think They’ll Get Rich from Their Parents (They Wont)

For a lot of people, coming into a large chunk of cash is a nice dream, but rarely a reality. For young people, it’s an expectation.

More than half — 53 percent — of millennials and Gen Zers believe their parents will leave them an inheritance, according to a Charles Schwab report. From 1989 to 2007, 21 percent of people received an inheritance.

Millennials experienced the repercussions from the recession. Gen Zers saw how the recession affected their parents. This means both groups should be more secure in their financial futures and less reliant on others. But it looks like the recession doesn’t have any influence on their perception of money in the long-term. Their parents might be to blame.

“We live in an increasingly complex financial world, where our personal responsibility for financial management has increased dramatically, but our basic understanding of our finances has lagged behind,” says Carrie Schwab-Pomerantz, a Charles Schwab VP and President of the Charles Schwab Foundation. “We need to commit to educating our youth about money management, so they have the opportunities to achieve the financial freedom they want and deserve.”

That “lag” comes from generations missing out on basic financial knowledge and management. Because…