Baby boomers, who stand to inherit more than $10 trillion in coming years, are heavily inclined to use the money to repay debts or put their children through college.
That is the key finding of a recent survey conducted for First Interstate Bank of California's trust and private banking group.
The survey. based on telephone interviews with 500 people between 30 and 48 years old, asked participants how they would spend a $50,000 inheritance.
Fifty-one percent said they would reduce debts or fund their children's education. Other responses included saving for retirement (20% of respondents) and buying a home (14%).
Listening to Family
While the survey found that most baby boomers count on friends and family for financial advice, it suggested that they would turn to professionals in the future.
Asked where they would obtain financial advice if they had inherited $50,000, 31% said they would go to a financial planner, 19% said they would consult a banker, and 14% said they would use an attorney.
The survey was conducted in March by the research unit of Fleishman-Hillard, a St. Louis-based public relations firm. -- Debra Cope
