__A financial tidal wave is coming and it’s not what you might expect. It’s not about debt— it’s actually a tidal wave of *wealth*.__

You might call it the Baby Boomers’** last hurrah. As they pass away, Boomers will transfer an immense amount of assets to their children. Analysts are calling it “historic,” and our thanks to *The Gospel Coalition* for [reporting](https://www.thegospelcoalition.org/article/kids-ready-inherit/) on it.

A tidal wave of wealth is really an apt description for what’s coming. It’s estimated that by 2030, the Baby Boomer generation will pass nearly *$68* *trillion* in assets to their children.

Analysts say that by 2030— millennials— those born roughly between 1981 and 1996— will hold *five times* as much wealth as they have today. Obviously, not every millennial will have five times more in assets— that’s a nationwide figure. Still, it’s safe to say that the children of baby boomers will have a great deal more wealth within a few years than they have now.

The question then is, what will they do with it? More specifically, *“*What will *Christian* heirs do with that money? How much will be given to local churches and global missions? The answers, of course, depend on the generosity of future generations.

That’s a cause of concern. By one [estimate](https://pushpay.com/blog/church-giving-statistics/), Boomers and their parents have accounted for nearly 80% of church giving in recent decades. As Boomers pass away, churches are grappling with the loss of their giving.

That loss is only the latest in a decades-long decline in giving. Seventy years ago, religious giving made up 70% of all charitable donations in the U.S. By 2021, that had shrunk to just 27% of all donations.

__As one might expect, the passing of Boomers is having a significant impact on smaller churches, where any loss is felt more acutely, but large churches are seeing the downturn in giving, as well.__

It’s [estimated](https://www.thebanner.org/news/2022/12/report-us-charitable-donations-rose-last-year-but-giving-to-larger-churches-dropped) that the largest evangelical churches experienced nearly a 7% drop in giving during COVID, despite a 4% *increase *in all charitable donations for the period.

It’s not all bad news on the giving front, however. Another study is showing that younger generations do see charitable giving as a priority, even if it means putting off spending in other areas.

This is where Christian Boomers can have a huge impact, by modeling generosity for their adult children. They are more likely to take on the generous traits of their parents and grandparents if those values are clearly communicated. *The Gospel Coalition* gives three ways to do that:

__First, you need to engage with your family.__ Meeting and communicating with family members is a key part of setting up a plan to transfer wealth. Avoid surprises and all heirs should feel included in the process and mutually responsible for its success.

These discussions don’t have to be formal, stiff affairs. They can provide an opportunity for parents and grandparents to express their wishes and share stories about how God provided for them. The older generation can encourage the younger to think about an inheritance in a purposeful way and how it can further the Kingdom, but it has to be done while the benefactors are still living.

__Next, Boomers must actually plan their estates.__ This is the point where values are expressed in money itself and it presents an opportunity for a well-planned estate to carry a legacy of generosity to future generations.

An estate plan can do much more than simply hand out wealth. It can also define a charitable giving strategy and the means for making that strategy a reality. When the plan is in writing, confusion is minimized.

Not everything must be left to the next generation. An estate plan may involve a trust or another form of asset gifting to the Kingdom. These instruments will determine how wealth can support one’s church, or a favorite ministry or missionary operation.

Another item that aging Boomers may want to consider is something called an ethical will. This is basically a document that captures your life’s story, your religious values, ethics and beliefs. It helps to convey those details to future generations.

__The third way the older generation can leave a legacy of generosity is to educate and encourage their heirs.__

Financial literacy is a major problem in the U.S. By some [estimates](https://www.bankrate.com/finance/credit-cards/living-paycheck-to-paycheck-statistics/#:~:text=Living%20paycheck%20to%20paycheck%20is,until%20their%20next%20paycheck%20arrives.), almost two thirds of consumers live paycheck to paycheck and three out of four are in some type of debt. Leaving large sums of wealth to the next generation could do more harm than good if the heirs are unprepared to handle it.

__Christian Boomers must pass on their wisdom and values, in addition to wealth, to leave a lasting legacy of stewardship and generosity.__

You can also __[listen](https://www.faithfi.com/faithfi/a-tidal-wave-of-wealth-5952)__ to the related podcast on this topic.

FaithFi

Articles

You might call it the Baby Boomers’ last hurrah. They will be transferring an immense amount of assets to their children

MANAGE | Sep 19, 2023

A Tidal Wave of Wealth

By: Jim Henry

Where Faith Meets Finance

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