(NewsNation) — Millionaire Millennials and Gen X are more than twice as likely as millionaire baby boomers to prioritize sharing their wealth with the next generation, according to a new Charles Schwab study. Data revealed that baby boomers, born from 1946 to 1964, plan to spend most of their wealth rather than reserve it for future generations. All Wealthy AmericansWealthy MillennialsWealthyGen XWealthy BoomersI want to preserve my money for the next generation or others after I pass39%32%45%34%I want the next generation to enjoy my money while I’m still alive36%53%44%21%I want to enjoy my money for myself while I’m still alive25%15%11%45%I plan to distribute some portion of their wealth during my lifetime80%97%97%56%Portion of wealth I plan to pass on during my lifetime (average, among those who plan to pass on assets)39%52%49%19%I plan to distribute some portion of my wealth after my lifetime87%97%98%73%Portion of wealth I plan to pass on after my lifetime (average, among those who plan to pass on assets)61%48%51%81% The survey analyzed 1,000 high net worth Americans, those with more than $1 million in investable assets. It revealed that younger wealthy Americans plan to break from tradition and transfer their wealth rather than waiting until after death. Nearly half of US teens are online ‘constantly,’ Pew report finds The report shows that boomers intend to pass on approximately $3.1 million, compared to the average wealthy individual, who plans to pass around $4.1 million. Meanwhile, wealthy Millennials plan to pass on about $4.7 million in assets. “It’s encouraging to see that a majority of wealthy Americans who plan to pass their wealth have started to formalize those plans and documents and communicate with their families,” said Susan Hirshman, director of Wealth Management for Schwab Wealth Advisory and Schwab Center for Financial Research. “In addition to those foundational steps, we encourage families to ground discussions and planning around shared values and goals for wealth being transferred. These conversations can help heirs see themselves as wealth stewards, rather than just beneficiaries, and gain important perspective on the meaning of wealth, legacy, and the responsibilities that come with it.”