AARP Hearing Center
Wealth disparities are a persistent and growing issue across families in the United States. Intergenerational wealth transfers can perpetuate these gaps, with more advantaged families having not only more wealth to pass down to younger generations, but also greater access to resources like financial planning advisors and high-quality jobs with workplace savings vehicles and financial education. A new nationally representative AARP survey on Families, Culture and Money finds that although most adults 50-plus share the goal of passing down financial wealth to children and grandchildren in their families, older adults across distinct financial circumstances and racial, ethnic and cultural backgrounds have a range of expectations, resources and practices related to money.
Shared goals of passing down wealth
An overwhelming majority of older adults (83%) say it is important or a priority to pass down financial wealth and assets to family members.
For Black and Asian American and Pacific Islander (AAPI) adults, it is more likely to be one of their top priorities among all financial goals. Nearly half of Black adults (48%) and four in ten AAPI adults (39%) say leaving behind financial wealth for heirs is a top financial priority (compared with 32% of adults overall).
Divergent wealth markers
Despite the universal goal of wanting to pass down wealth, there are well-documented disparities in markers of accumulated wealth and financial security across households and families because of cumulative advantages and disadvantages across racial and ethnic groups.
In our survey, white and AAPI adults were more likely to say they are “doing okay” financially or “living comfortably” (79% and 82%, respectively) whereas Black and Hispanic/Latino adults were more likely than their white or AAPI counterparts to say they are “just getting by” financially or “finding it difficult to get by” (33% of Black adults, 30% of Hispanic/Latino adults, 21% of white adults, and 18% of AAPI adults).
Similarly, there is a pattern of higher likelihood for white and AAPI older adults to have several types of financial assets, such as access to workplace retirement savings accounts, stocks, mutual funds and bonds. One indication that white and AAPI adults may also be better situated to transfer wealth to younger generations is a more than two times greater likelihood that they or someone in their household has a personal trust — a legal arrangement protecting assets to be handed down to loved ones (21% of AAPI adults, 18% of white adults, 8% of Black adults, 6% of Hispanic/Latino adults).
Early messages from family about money
While growing up, most adults over 50 (77%) recall being taught about at least one of the money topics asked about in the survey (e.g., budgeting, saving, planning for retirement). But the extent of financial education from family was not necessarily comprehensive. On average, adults 50 and older named approximately three financial topics they were taught by the adults who raised them. Nearly one in four (23%) were not taught about any of them. Hispanic/Latino adults were least likely to have been taught about any money topics (30% indicating none).
Among the financial topics they recalled being taught about when growing up, “saving for the future” was the most common topic (55%). AAPI adults were especially likely to be taught about saving for the future (66%).
Other common topics respondents learned about included evaluating prices or value for the money (42%), earning money (41%) and creating a budget (31%), the latter of which was most likely to be reported by Black adults (37%).
Teaching younger generations about money
Survey results indicate that older adults are actively imparting financial knowledge to their children and grandchildren, even if they do not recall having learned about finances while growing up themselves. Most adults over 50 with children or grandchildren have already taught — or plan to teach — the younger generations in their families about matters like saving for the future, managing debt, earning money and buying a home. Compared to what they were taught while growing up, financial strategies around managing debt and spotting a scam or fraudulent offer rank higher among topics for teaching younger generations.
Across all groups, older adults teach about two times as many money topics as they themselves learned when growing up. This is especially so for Hispanic/Latino adults, who on average were taught two to three financial matter topics from the adults who raised them but who have taught or will teach their own children or grandchildren about 6 to 7 financial matter topics.
Compared to adults over 50 overall, Black adults are significantly more likely to have taught or have plans to teach their children and grandchildren about creating a budget (67% of Black adults vs. 59% overall), spotting a scam or fraudulent offer (60% vs. 53% overall), financially helping extended family or kin (38% vs. 31% overall) and estate planning (29% vs. 24% overall).
Older AAPI adults are more likely than adults over 50 overall to have taught or have plans to teach their children and grandchildren about saving for the future (88% vs. 79% overall) and investing (55% vs. 45% overall).
In general, those with more wealth are more likely than those with less wealth to teach their children and grandchildren about long-term wealth strategies such as planning for retirement (63% of those in the top wealth quartile vs. 40% of the bottom wealth quartile) and investing (64% of the top wealth quartile vs. 32% of the bottom wealth quartile).
Cultural attitudes toward money
Cultural backgrounds can have an important influence on one’s own approach to money matters. Overall, about seven in ten older adults say their approach to money matters is influenced by their cultural background, ranging from 66% of Hispanic/Latino adults to 78% of AAPI adults. Women are more likely than men to say their approach to finances is influenced by their cultural background (76% vs. 68%).
When asked to choose between two contrasting cultural approaches to money, the vast majority of U.S. adults 50 and older (85%) identified with being raised in a culture that prioritized personal financial independence and self-sufficiency. Only 13% of 50-plus adults overall reported being raised in a cultural background focused on sharing financial resources for group harmony. However, AAPI (31%), Hispanic/Latino (29%) and Black (19%) adults were far more likely than white adults (9%) to identify with being raised in a cultural background that makes financial decisions based on group interdependence. For example, one older Hispanic/Latino respondent noted, “In my family we all help others. I grew up seeing my family members lending money to other members of the family.”
Money as a family affair
Although most adults 50-plus say they are comfortable talking about their financial situation with family members or financial professionals, overall, they are relatively less comfortable discussing it with family than with professionals. Among family members, older adults are more comfortable having these discussions with younger-generation family members like children (71%) compared to same-generation family members like siblings (63%) or older-generation family members like parents, uncles or aunts (55%). Across all types of family relationships, Black adults are more likely to indicate comfort with these discussions than adults of other racial/ethnic identities. Compared to 50-plus adults overall, Black adults are significantly more likely to say they are “very comfortable” talking with younger generation family (41% vs. 34% overall), same-generation family (36% vs. 24% overall) and older-generation family (33% vs. 23% overall) about financial matters.
There are also differences across groups in expectations and practices around financially supporting family members, or financial interdependence. Whereas most respondents across all racial/ethnic groups say they would be likely to financially assist their own adult children if needed, there are patterned differences in expectations around helping other family members.
White adults are less likely than adults from all other racial/ethnic groups to financially assist elder family members, nieces and nephews, and other adult relatives. For example, 44% of white adults reported being very likely to financially help elder family members who need it, compared to 53% of Black adults, 52% of Hispanic/Latino adults, and 56% of AAPI adults.
Compared to older adults overall, Black adults are far more likely to provide financial support to grandchildren, nieces/nephews and other adults in their family should they need it. For example, 57% of Black adults say they are somewhat or very likely to financially help nieces or nephews who need it, compared to 46% of Hispanic/Latino adults, 41% of AAPI adults, and 31% of white adults. Similarly, there is stronger likelihood among Black adults to financially help any other adult in the family, with 59% saying they are likely to help compared to 45% of all adults 50 and over saying the same.
Key takeaways
Most adults 50 and over have a goal of passing down financial wealth to the younger generations in their families. However, older adults differ in their access to financial resources, their financial security and well-being, and their expectations related to money in families. Differences in money talk and money practices across racial and ethnic groups may be partially influenced by attained wealth and may also reflect varying levels of financial interdependence expected within families. This includes the extent to which older adults are likely to pool resources among family members as a means of mutual support — either on an ongoing basis for immediate sharing or by putting it away to pass down to the next generation.
Looking to the future, some 50-plus adults express an eagerness to ensure money is openly discussed rather than treated as a taboo topic. As one respondent reflected, “My own parents never discussed anything financial, so I really want my children and grandchildren to be better prepared.”
Against a backdrop of stubborn wealth disparities and a historic transfer of wealth already underway, unpacking distinct cultural approaches to money matters can help build a more nuanced approach to building financial health among older Americans and their families.
Methodology
These findings are based on a survey conducted July 14–July 30, 2025, among U.S. adults 50 and older. The sample of 2,121 respondents was pulled from the NORC Foresight 50+ and the Amplify AAPI probability panels and includes oversamples of Black/African American adults (446 completions), Hispanics/Latino adults (415 completions), and Asian American and Pacific Islander adults (473 completions) to ensure adequate sample sizes for analysis. Data are weighted to the 2023 one year American Community Survey (ACS) population benchmarks developed by the U.S. Census Bureau. They are balanced by sex, age, education, race/ethnicity, region and language such that the final weighted data reflect the U.S. population of adults age 50-plus and oversampled groups reflect respective race/ethnicity population benchmarks.
For more information, please contact Angela Houghton at ahoughton@aarp.org. For media inquiries, contact External Relations at media@aarp.org.
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