Murmurs of a “Great Wealth Transfer” have been around for some time now, as many Americans anticipate an inheritance from their older relatives. The silent generation and baby boomers account for a greater share of the nation’s wealth than their younger counterparts, leaving the more financially insecure generations waiting for a $90 trillion windfall. 

That much money changing hands could create an unprecedented change in household wealth and the nation as a whole. But like many dreams, not everything is as it seems. For one, younger adults might be expecting a bigger check than boomers can cash. The Great Wealth Transfer might be more of a ripple than a wave, finds Northwestern Mutual in ITS Harris Poll survey of more than 4,500 U.S. adults.

The insurance company found a “considerable gap” between what Gen Z and millennials think is coming, and what their relatives actually report is in store. While 32% of millennials and 38% of Gen Zers expect an inheritance, only 22% of Gen Xers and boomers report planning on giving one. 

Part of what’s happening is that people have a greater life expectancy, chipping away at their nest egg and, at times, outliving it. “The elder generation is living longer. By the time they are bequeathing assets at their death, they are in their eighties, nineties, or beyond. At that point, their children could be well into their own retirement season of life,” Justin Neal, CEO, partner and private wealth advisor at Sozo Private Wealth & Insurance Services, Northwestern Mutual, told Fortune. 

At that point, the “subsequent generation may be in reasonably stable financial situations and at an age where the inheritance will have less substantial impact than following generations who are still wrestling with education costs, down payments on homes, and career instability,” he added.

But as it stands, many are banking on an inheritance to dig them out of dire straits or set them up for financial comfort down the road. Half of respondents, across all generations, regard their potential windfall as “highly critical” or “critical” to their “long-term financial security.” 

The ever-shifting predictions about the Great Wealth Transfer are not just a story of older generations living longer, it’s also about rich people accounting for their money in different ways. Now it’s not just about passing finances on after one passes. “Many families want to use their wealth and influence to improve the life experiences of their children prior to passing away,” said Neal.

It’s a tax issue too. “Many families of means have children who are also fairly wealthy, either due to personal efforts or gifts received during their lifetimes,” explained Neal, going on to say that he coaches these wealth creators to not increase the tax burden by “point[ing] their wealth to heirs who already have strong balance sheets.”  

Funnily enough, younger generations are really looking to set their children (or potential kids) up with a gift. Of those expecting to leave an inheritance, 81% of millennials and 75% of Gen Zers say leaving something behind is their “single most important” or “very important” financial aspiration. That’s compared to 65% of Gen Xers and 46% of boomers. 

Millennials have high hopes, for a minute

Millennials might be the most disappointed by the foot dropping on the Great Wealth Transfer. That’s because they’re especially dependent on the gift, at 59% saying the inheritance is “highly critical” and “critical” to their security. And Gen Z expects it to impact their retirement the most. This generation expects the gift would cover the largest bulk of their retirement funds, at 10%.

A separate report of proprietary data from more than 52,500 people by estate-planning company Trust & Will found a third of millennials don’t know if their parents have estate plans in place. And 13% reportedly are aware their parents don’t have a trust or will. The generation known for its lack of luck had a long and recession-marred road to building wealth, and are still finding certain milestones like owning a house to be a larger hurdle than expected.

Of course, if the Great Wealth Transfer does end up being as monumental as some reports say, then some privileged millennials stand to have a drastic Cinderella story in store. The wealth transfer is poised to make millennials “the richest generation in history,” according to Knight Frank’s 2024 Wealth Report. But taking into account changing life expectancies and other life factors, that dream might not fully be realized.