A new study finds that, when it comes to family legacies, an overwhelming majority of people believe preserving family stories, histories and values is more important than money.
A recent story by By Andrea Coombes of MarketWatch says that: “When it comes to thinking about inheritances, both boomers and older Americans say money’s not everything. Instead, baby boomers say their parents’ personal keepsakes, family stories and final instructions are more important than the oft-publicized trillions of dollars they’re expected to inherit.”
These attitudes were uncovered during a telelphone and online survey conducted for Allianz, the insurance company, by Harris Interactive.
According to the survey, “Seventy-seven percent of boomers said understanding their parents’ values is very important, 65% said enacting their parents’ last wishes is key and 34% felt receiving their parents’ sentimental treasures is very important.”
The article goes on to say that when study participants were asked to choose between one type of bequest, either money or values, not one person chose money. The article quotes Ken Dychtwald, a consultant on the study, who said, “We’re not saying money isn’t important and people don’t enjoy receiving some financial windfall, but … the focus on inheritance is the wrong paradigm. What people have an appetite for is to pass a large part of themselves along to the next generation.”
Fascinating stuff. It seems most people realize what Family Legacy Video customers, clients and Cafe visitors know: Your precious family stories are your greatest legacy of all. And preserving those stories on video is the best way to share your family legacy with future generations.