Chart of the Day: Average Inheritance

Today’s Chart of the Day is the Average Inheritance by Age Group from a University of Pennsylvania survey of individuals who have received an inheritance. You’ll notice that the peak is $180,000, going to the 56-65 age group.

The chart was included in an article called Give Now, Not Later, by Nick Maggiulli. He noted that data shows that 70% of people say they would rather receive an inheritance of $250,000 at age 30 rather than $1 million at age 50. Maggiulli went on to say that the average age of inheritance in 1989 was 41 years of age and now it’s around 51, as people are living longer.

The article made suggestions on how to give to younger adults, such as paying for education, helping with a downpayment on a home, funding family vacations, and/or giving financial support to a young family by paying for private schools, buying them a newer/safer car, or helping financially to enable a spouse to stay home to raise the grandkids.