American families are increasingly facing complex financial responsibilities that span multiple generations, according to new data from the BMO Real Financial Progress Index. The survey highlights how young parents are both relying on their own parents for support and preparing to assist their children into adulthood, while also caring for aging relatives.
The findings show that 61% of Gen Z parents and 47% of Millennial parents expect to receive or request financial help from family in the next year. Among Americans with children under 18, 45% plan to seek financial support from parents or grandparents.
Expectations around long-term financial support are also shifting. A majority of younger parents believe that supporting children financially should continue into adulthood: 82% of Gen Z, 84% of Millennials, and 80% of Gen X respondents hold this view, compared to 74% of Boomers. Additionally, 27% of Americans think parental financial support should last as long as the parent is alive.
This perspective is leading to increased action; nearly half (48%) of parents and 41% of grandparents plan to provide financial assistance to adult children this year. This marks a significant rise from the previous quarter’s figures.
"Families today are navigating a financial balancing act that spans three generations. This shift demands more than just budgeting – it calls for a thoughtful, holistic strategy that aligns short-term needs with long-term goals like legacy planning and wealth preservation," said Leila Francis, National Head, Fiduciary Advisory Services at BMO. "At BMO, we're helping families ensure they're not just managing today's responsibilities, but also building sustainable wealth for tomorrow."
The survey also reveals expectations about inheritance and wealth transfer. Nearly half (48%) of working-age Americans anticipate inheriting money from elders; similar proportions expect real estate or valuable personal items such as jewelry.
Gen Z and Millennials are particularly optimistic: 60% of Gen Z and 50% of Millennials expect valuable personal property; over half anticipate cash inheritances or trusts; roughly half foresee receiving real estate or life insurance payouts; and many expect non-retirement investments.
By contrast, only about one-third of Gen X and Boomers say they have received or expect cash inheritances or real estate transfers.
Gen Z respondents express strong intentions to pass down wealth themselves—81% plan to leave a cash inheritance or trust; over three-quarters intend to transfer non-retirement investments or real estate; and two-thirds hope to pass down a family business if they own one—higher rates than other generations surveyed.
"The way families provide financial support is evolving; it's no longer just about helping children get started, but also about preparing for legacy and longevity," said Michele Havens, U.S. Head of Wealth Management at BMO. "Whether it's navigating inheritance, supporting aging parents, or passing down a business, families need tailored guidance. Our goal is to help them drive real financial progress that serves the entire family tree, building wealth and creating lasting change that empowers multiple generations to thrive."
Many Americans now find themselves part of the so-called "sandwich generation," responsible for both their children’s well-being and care for aging relatives. According to the survey:
- Fifty-nine percent (59%) with children under age 18 report responsibility for aging parents’ emotional or financial well-being.
- Seventy-one percent (71%) of Gen Z parents—and sixty-two percent (62%) of Millennials—report caring for aging family members.
- These numbers drop among older generations: forty-six percent (46%) among Gen Xers and thirteen percent (13%) among Boomers report similar responsibilities.
To address these evolving challenges across generations, BMO offers digital banking tools such as BMO Total Look—which allows customers to manage accounts in one place—and resources through its Real Financial Progress Hub aimed at helping users save, spend wisely, plan ahead, and borrow responsibly. For those looking at intergenerational wealth transfer strategies specifically tailored advice from BMO Wealth Advisors is available.
The BMO Real Financial Progress Index was launched in February 2021 as an indicator tracking consumer sentiment around personal finances in the United States. The latest research was conducted by Ipsos between June 10–July 17, surveying a representative sample of adults nationwide.
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BMO Financial Group ranks as North America’s seventh largest bank by assets ($1.4 trillion as reported July 31), serving customers across Canada ,the United States ,and select global markets with services ranging from retail banking through investment management .
For more information on how BMO supports families’ efforts toward sustained financial progress visit https://www.bmo.com/us.