00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Affluent baby boomers are quietly transferring wealth to younger generations
00:06through a steady stream of smaller financial gifts,
00:10rather than waiting for a large inheritance, a Wall Street Journal report found.
00:14Older Americans collectively hold $110 trillion in wealth and are living longer,
00:19slowing the traditional great wealth transfer. Instead, many are covering childcare, rent,
00:24home down payments, and education costs for their adult children and grandchildren.
00:28Some have given as much as $700,000 over the years.
00:32The givers say high living costs for younger generations motivate their generosity.
00:37Many have bypassed financial advisors who urge them to preserve more for their own retirement.
00:43For all things money, visit Benzinga.com.
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