Why Gen X’s ‘quiet inheritor’ status deserves your attention 

As headlines explore the intergenerational wealth transfer, the narrative often centres on “next gen” inheritors, typically imagined as tech-savvy, purpose-driven 30-somethings. But this framing misses a critical truth: the next decade of wealth transfer will not be led by Gen Z or even Millennials. Instead, Generation X will be at the forefront. 

While the Productivity Commission estimates $3.5 trillion is expected to pass between generations over the next 20 years, analysis in JB Were’s Bequest Report suggests that figure may be even higher: approximately $5.4 trillion over the next 20 years. 

While much attention is given to younger heirs, the most recent Household, Income and Labour Dynamics in Australia (HILDA) survey found inheritances are most commonly received by people over the age of 55, while a 2021 Productivity Commission report found the age of receiving an inheritance peaked between 55 and 59. This puts Gen X squarely in the spotlight, not as future inheritors, but as current recipients. 

Gen X, now in their late 40s to early 60s, stands at a crucial intersection commonly known as ‘the sandwich generation’. Many are still supporting children while stepping into roles caring for ageing parents. Potentially at the peak of their career, they carry mortgages, are saving for retirement, and are multitasking complexity in ways other generations are not. 

Gen X’s ‘sandwich’ status influences how they think about wealth, risk, giving and purpose. The values, life-stage pressures and motivations of Gen X will strongly shape how that wealth is used, including in giving. 

Within Gen X, applying a gender lens matters; women are expected to inherit around 65% of Australia’s intergenerational wealth transfer, equating to roughly $3.2 trillion over the next decade (The Growth of Women and Wealth), making their values, priorities and approach to wealth stewardship and philanthropy fundamental. 

What do Gen X care about? 

Data from McCrindle’s The Future Donor (2023) and Blackbaud Institute’s Charitable Support Across Generations (2024) suggests that Gen X are most motivated to support medical and cancer research, animal welfare & wildlife protection, children’s charities, social service organisations and emergency relief efforts. Their choices are driven by personal values of hope, duty and empowerment, and when it comes to choosing charities, reputation, efficiency and transparency matter.  

Implications for wealth managers, philanthropy advisors or family offices 

If you are advising families or structuring philanthropic vehicles, recognising the nuances of Gen X as incoming wealth inheritors is vital. Some key implications: 

• Timing matters: Since the average age of inheritance is around 55, we should look to engage Gen X now, rather than assuming the window is “20 years away”. 

• Motivations differ: Gen X may prioritise stability, family security, real estate/mortgage paydown, education of children and support for ageing parents. Wealth and philanthropic advice must reflect the complexities of that sandwich-stage reality. 

• Engaging women: Women are looking for holistic and tailored advice. They want advisors who understand their expertise, available time, lifestyle and family obligations. They value trust and communication and expect the same high value opportunities to be presented to them as to their male counterparts. They are also more likely to seek investments with a good social element, both for their personal wealth and their philanthropy. 

• Legacy conversations: Engaging Gen X in discussions about family values, long-term giving, the benefits of intergenerational structures (e.g., family foundations, giving funds) is important. They will serve as gatekeepers of both wealth and values for younger siblings/ descendants.

• Philanthropic vehicle design: Giving programs might need to be customised for Gen X’s time-horizon, liquidity needs (mortgages, children’s education) and risk appetite, rather than defaulting to all-in “impact investing” models geared at younger disruptors. 

• Communication style: While Millennials and Gen Z may respond to “tech-native”, social impact brand messaging, Gen X may prefer evidence, pragmatism, legacy frameworks and structured governance. 

Gen X will shape how much, and in what way, family wealth translates into legacy giving, intergenerational values, and community impact. We need to shift our focus now to engaging and nurturing Gen X if we want to make the most of the impending wealth transfer. 

Advisors, philanthropy sector professionals and families should look at Gen X members as more than a passive bridge between Boomers and Millennials. Today they are active custodians of wealth and philanthropy. If their motivations, constraints and life-stage pressures aren’t part of the conversation, we risk missing one of Australia’s most significant wealth and philanthropy inflexion points. 

About the author
Kate Stone is Head of Philanthropic Giving at Australian Philanthropic Services (APS). She has two decades of experience in the commercial and not-for-profit sectors across executive leadership, marketing, consultancy and research.