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Six Out of Ten American Think They Will Create Generational Wealth For Their Children

Six out of ten Americans think they can create money for future generations. But, according to a recent poll of 2,000 American adults, 50% of whom are homeowners, 63%t feel sure they can amass assets, investments, or any other items of financial significance they can leave to the following generation.

Around 75% of respondents believe they have created generational wealth 

Approximately three-quarters (74%) of the participants thought they had already created significant wealth. But, homeownership is not the only means of achieving it; compared to homeowners (72%), many individuals who do not pay rent and stay with their family or parents (83%) and tenants (75%) believe they already have created significant wealth.

What therefore is the most well-liked wealth-building tool for homeowners? The highest priority (26%) is making modifications to raise the house’s value. Comparatively, 38% of people who do not own a property and now living in student accommodation use extreme investment and savings strategies such as Financial Independence, Retire Early (FIRE) or subletting a portion of their main home (38%).

Rent-free students are more likely to spend more money previously saved 

 Around 30% of students will use a standard loan from their credit card or bank to aid with tuition costs. Rent-free residents are much more likely to spend money they have previously saved (36% against 22%), seek out a typical loan (41% against 24%), and cash in existing assets (36% against 23%) than property owners. A conventional loan (34%) or an investment from savings (30%) are the two most common financing options for those who want to launch an enterprise within the next 3 to 5 years.

Additionally, respondents disclosed their financial plans for downsizing their house or flat. Despite the current market’s instability, over a third (34%) intend to upgrade within the next 3 to 5 years, with loans (45%), cashing in assets (46%), and personal savings (45%) all contributing to the cost.

According to the study, the privilege does pay off with those with family support and a foundation for generational wealth already on course towards accumulating wealth. 

Written by Payal Gupta

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