Millennials do not squabble over inheritance — simply because they don't have any, survey finds

The idea of families gathering to hear a will being read has long been a familiar image in movies, with inheritances passed down dramatically. However, that might no longer be the case, according to a recent study conducted by Jessica Forden of the Roosevelt Institute. Her research indicates that Millennials might be the first generation who don't get an inheritance from their family, with medical bills depleting a normal American middle-class household's assets. Published on April 9, 2026, her work is giving voice to an anxiety Millennials have quietly carried for years.

What depletes middle-class assets

The root cause of this loss of wealth, as per the study, comes from the need for long-term care. Although the middle-class households start well, with time, their expenses start to take a toll on their finances. Forden's research reveals the stark economic reality, stating that almost four out of five middle-class adults over 65 years of age, who need long-term medical care, will have to enroll in Medicaid.

A 'different' inheritance

To put it simply, millennials might end up being the first generation that doesn't get land or money inheritance but rather a stack of medical bills, vinyl records, and a rented apartment. However, not everyone might be this hard hit by these crises. That's because a few might not need long-term care. The trajectory of a person who does not need long-term care would be entirely different from a person who requires medical care. In fact, if both these people start with a median wealth of around $150,000, then the person who doesn't need long-term care's assets would rise modestly over the full 20-year period by almost $24,000. 

Such people would likely be healthier and wealthier than the people who would need care. But again, to be in this section of people, you'll probably need to be extremely lucky. That said, it wouldn't be far-fetched to say that the majority of Millennials shouldn't count on their inheritance. This is further supported by other studies that point to the same trend, taking into account factors like rising living costs and longer life expectancy.

Don't count on your inheritance

Apart from medical needs, there are a lot of factors negatively affecting the inheritance scenario for Millennials. Perhaps the biggest one of them all might be the fact that, according to a report cited by Cerulli Associates, nearly 68% of the transferred wealth would come from households with at least $1 million in savings. This rules out not just the portion but the entire middle and lower-income households. And as if that wasn't crushing enough, there's also a longevity risk.

This means that with Boomers expected to live longer, during an increasingly expensive period, they are more likely to use up a significant portion of their savings. Even when some assets remain, financial pressures like student loans and other debts can quickly reduce what’s left. As a result, Millennials may end up being the first generation that largely has to manage their finances without relying on inheritance.

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