Many adult children expect to inherit a significant amount of money from their parents, but studies show that parents plan to leave them less than they think. This is due to factors like rising costs, longer life expectancies, and changing views on inheritance. Additionally, communication between parents and adult children about finances is often lacking. As a result, many millennials and Generation Z may not receive as much inheritance as they anticipate.
Parents' homeownership impacts their children's likelihood of becoming homeowners. Homeowner parents provide financial assistance and insights, creating opportunities for children to save and learn about homeownership. Conversely, those without homeowner parents face challenges due to limited financial capacity and knowledge. Cultural upbringing also influences a person's motivation to pursue homeownership, with those raised in cultures that value homeownership more likely to become homeowners.
