Many people are taking a dangerous gamble with their financial future, new study warns
Most mass affluent Americans are making financial decisions based on a future inheritance but ignoring a critical issue that could derail their finances.
Nearly two thirds of respondents to Key Wealth's 2026 Inheritance Pulse Poll who anticipate an inheritance say the expected windfall is already shaping their financial choices, with more than a third saying they have saved or invested at least $100,000 less as a direct result of counting on that future money.
However, only around one third said their expectations came from an actual family conversation covering specific amounts, timing, or conditions. The remainder are relying largely on assumption. Among people who have avoided raising the topic with relatives altogether, half said it was because they didn't want to seem as though they were counting on the money.
"Inheritances should be treated like bonuses: they are never guaranteed. The strongest financial plan can stand on its own, with or without an inheritance," said Solomon Schmidt, CFP, executive vice president and head of mass affluent wealth at Key Wealth. "These findings tell a story we see play out in conversations with clients and families every day. When you believe a safety net is coming, it changes the calculus behind saving, investing and financial planning overall."
Behavior shifts around unverified money
Among respondents whose financial decisions have been influenced by an anticipated inheritance, 40% said they're saving less for retirement, 36% are taking on more investment risk, and 18% are spending more on lifestyle or travel.
The financial impact is significant. 44% said they have cut back on savings or investing by at least $25,000 over the past five years, and for 36%, that shortfall reaches $100,000 or higher.
Six in ten respondents describe their financial plan as "very prepared" regardless of whether an inheritance materializes, but a quarter admit they would need to work considerably longer than planned if the expected inheritance failed to appear, and close to one in five, 19%, would face a scaled-back retirement.
Healthcare and long-term care expenses were flagged as the biggest threat to those plans, cited by 40% of respondents, ahead of a family member outliving their assets (33%), shifts in estate or gifting arrangements (20%), and market volatility (19%).
Women set to inherit more but plan for it less
Separate research suggests American women are on pace to nearly double their assets by 2030, yet Key Wealth's poll points to a clear preparedness gap along gender lines. Just 41% of women have discussed an inheritance with a financial advisor, compared with 54% of men, and only 17% consider inheritance a significant piece of their long-term financial plan. For 52% of women, expected inheritance hasn't altered their saving habits at all.
That formal planning gap doesn't carry through to every financial behavior, though. Among those whose decisions have been shaped by an anticipated inheritance, women are less likely than men to increase investment risk, 30% versus 43%, or cut back retirement contributions, 37% versus 43%.
Seven in ten respondents said they plan to leave a legacy for their own children, yet 38% have no formal estate plan in place. Without that documentation, the next generation risks inheriting not just a smaller pool of assets, but the same silence, assumptions and unconfirmed expectations driving today's gap.
Advisors underused on a topic clients want addressed
Interest in advisor-led inheritance discussions is running well ahead of actual engagement.
More than three-quarters of respondents said they would value having an advisor facilitate a family conversation about inheritance, yet fewer than half have ever had one.
"The strongest plans are stress-tested against the possibility that an inheritance never arrives, because a strategy built on a windfall is not much of a plan at all," Schmidt said. "Open, advisor-guided conversations help families gain clarity and build resilience, regardless of what ultimately materializes."
