*$90 Trillion Wealth Transfer: Are Younger Generations Ready?*
A massive $90 trillion wealth transfer is on the horizon as Baby Boomers and the Silent Generation prepare to pass on their fortunes.
However, are Millennials and Gen Z ready to take over?
A recent HSBC survey found that many wealthy entrepreneurs plan to leave their businesses soon.
While most want to keep the business in the family, they worry about their children's readiness.
Concerns range from a lack of work ethic to needing more skills to run a company.
Parents also fear their kids might not be interested in taking over the family business and may want to pursue different paths.
Discussing wealth and inheritance is difficult for older generations, especially the Silent Generation, which complicates planning.
To address this, HSBC hosts events that help families prepare for the future.
These gatherings teach the next generation about managing wealth, investing, and running a business.
They also create opportunities for families to start essential conversations about inheritance.
The events offer Gen Z heirs a chance to connect with peers facing similar challenges, helping them feel more confident about their future responsibilities.
The wealth transfer is inevitable, but being prepared is something families can choose to work on now.
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