Amid the great wealth transfer, The Guardian Life Insurance Company of America^®(Guardian) has found that those who are expected to inherit the most are among the least prepared. Per the report, just 29% of Gen Z and 31% of Millennials say they have good financial health.

Download the full Money Moves: Preparing for The Great Wealth Transfer report here: www.guardianlife.com/reports/money-moves.

Key findings from Guardian's Money Moves report
Less than a third of Gen Z (29%) and Millennials (32%) say they are good at setting up a long-term financial plan and sticking to it. This presents unique challenges for retirement planning, which the study shows is a top concern for Americans across generations.

Despite feeling unprepared, many future wealth recipients still do not seek professional financial planning guidance. In fact, just four in 10 Americans work with a financial professional. Among Gen Z, that number drops to 35%.

"As Millennials and Gen Z amass wealth, their path ahead is uncharted. Whether using funds to start their own business, buy property, support philanthropic causes, or prepare for a meaningful retirement, a financial professional can provide holistic strategies to best manage, grow, and protect their wealth," said Mike Perry, Head of Client Solutions and Wealth Management at Guardian. "It's a unique moment for the financial professional industry to build lasting relationships with the next generation of wealth recipients and secure their legacy."

Other takeaways from the Money Moves report include:
Financial confidence by income
Though high-net-worth individuals have more financial confidence, there are still areas for improvement.

• Only 50% of high-net-worth individuals say they don't panic when their investments hit a bad patch.

• Close to half (47%) of high-net-worth individuals do not work with a financial professional.

Financial confidence by generation
While most pronounced in younger generations, poor financial health persists across generations.

• In addition to Gen Z and Millennials, only 27% of Gen X and 36% of Baby Boomers say they have good financial health.

Financial confidence by gender
Women, another cohort set to inherit a significant amount of wealth, face similar challenges.

• Just 28% say they are good at setting up a long-term financial plan and sticking to it.

• Only 49% say they are saving enough to maintain their lifestyle in retirement (vs. 62% of men).

• Only 33% of men and 26% of women say they have good financial health.

A copy of the full Money Moves: Preparing for The Great Wealth Transfer report is available here: www.guardianlife.com/reports/money-moves.

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