Financial services company Northwestern Mutual surveyed more than 4,500 adults and found only a select few can expect a windfall of cash when their parents pass away.

Today, more than half of America’s wealth belongs to baby boomers, with most of it tied to their real estate as they hold off downsizing.

It’s perhaps why more than half of Gen Zers and nearly 60% of millennials reported that they’re depending on their inheritance to achieve financial security and retire in comfort. 

However, those sizing up their parents’ (or grandparents’) property and envisioning a relaxed retirement are in for a huge shock: Little over 20% of baby boomers expect to leave an inheritance.  

It’s not that the generation has forgotten about their young loved ones. In fact, 60% do have a will in place—but their children and grandchildren are more likely to find funeral instruction in it than cash or the deed to their family home. 

That’s because over half of the boomers surveyed are explicitly planning not to leave an inheritance behind. What’s more, only 11% of boomers said leaving something for the kids is their top financial goal.

Some older generation members spend all their money

The research didn’t delve into why baby boomers don’t want to pass anything on; however, there’s a growing cohort of people trying to die with zero—essentially, enjoy all their wealth while they are still alive and die with $0 in their bank account.

Some told Fortune that instead of leaving large lump sums behind for the next generation, they’re treating their loved ones to the likes of holidays while they’re still around to witness the joy their money can bring.

“If you have money now do good now—don’t wait until you’re dead,” Elena Nuñez Cooper, who plans to pay for her friend’s honeymoon and splash out on charitable causes, recently told Fortune.

Others admitted they’re using their hard-earned cash to enjoy life to the fullest, including trips to Mexico and the music festival Glastonbury—rather than take it to the grave after decades of working hard.  

“It’s such a shame to see people dying with so much money in a job they’ve worked in that they don’t enjoy, or with people they don’t like,” personal finance coach James Beckett said. “They go on auto-pilot accumulating wealth and not thinking about what it’s for.”

Plus, as Northwestern Mutual’s report highlights, the cost of growing old is only going up. In 2020, respondents said they needed $951,000 to retire comfortably—but that figure has surged to $1.46 million, far outpacing inflation.

While many boomers don’t expect to pass anything onto the next generation, nearly half have plans to address their future health care costs in retirement.

So, really, much of the Great Wealth Transfer will probably wind up going to hospitals and care homes.

Young people are dipping into the bank of Mom and Dad now anyway

Although the majority of Gen Z and millennials probably won’t benefit from the Great Wealth Transfer, a sizable chunk of the generation is already dipping into their inheritance while their parents are still around anyway. 

Research shows that more than a third of young people who are planning to buy a home expect their parents, or family, to help with their down payment in the form of a cash gift.

Meanwhile, separate data shows that millennials are more likely than the generations before them to have dipped into the bank of Mom and Dad to become homeowners. 

What’s more, financially supporting your adult children doesn’t stop at helping them get on the property ladder.

According to Pew Research Center, a third of millennials in their early thirties are still being bankrolled by their parents, who are paying off their everyday expenses and streaming subscriptions.

A version of this story originally published on Fortune.com on September 2, 2024.

More about the Great Wealth Transfer:

• The $124 trillion Great Wealth Transfer is bigger than ever—and millennials will get the biggest cut
• Gen X’s $1.4 trillion windfall: The ‘Forgotten Generation’ is the surprise short-term winner in the Great Wealth Transfer
• Forget the Great Wealth Transfer—Boomers and Gen X are saving the luxury market with fancy hotel stays and shopping sprees