The “great transfer of wealth” is something that points to the vast sum of money that is expected to be handed over to heirs in the decades to come mainly by the baby boom generation. Here are some key things to know about the great transfer of wealth:

– Baby boomers are the biggest generation that comprises of the people that were born from 1946 to 1964. According to some research, it is calculated that they possess more than $ 30 trillion in their possession.

– Many of these consumers, who are baby boomers, are expected to transfer a lot of this wealth to their Gen X and millennial offspring and heirs in the next several decades. It is said that between $12 to $30 trillion will be handed over.

– This is true because this transfer of wealth is by far the largest in the history and is bound to have significant connotations in the global economy and social systems. It is estimated to be even greater than the current change in wealth from developed countries to developing nations.

– According to the Statistical Bulletin published by the Office of National Statistics in 2007, the baby boomer’s offspring will also benefit from larger inheritances, and therefore will spend more disposable income on different products and services. This could have a positive effect on the economy in the long run and hence could cause a real and considerable improvement in the economic growth.

– It could also mean more opportunities were created for youths to buy homes, clear student loans, set up businesses, and build wealth earlier than under the current system. But, it is not uncommon for financial specialists to warn beneficiaries on the effects of going overboard when they are financially blessed.

– Some people also raise an argument about equity and fairness. The bulk of this asset is owned by white, college-educated baby boomers. And thus, they may have privileged heirs who may be more benefited from the inheritances than minorities.

In conclusion, a massive transfer of wealth is already underway and it will transform personal finances and possibly the whole economy in the coming years. However, if the succeeding generations manage this colossal wealth wisely and financially, those with the resources can build better futures.