A new study has found that the majority of millionaire boomers are planning on enjoying their hard-earned cash, and aren’t keen on witnessing their wealth being spent by other people.

This is a stark contrast to the plans of rich millennials—currently aged between 28 and 43—and Gen Xers—aged between 44 and 59—who are, or will, actively try to preserve their wealth for the next generation.

The study conducted by investment advisors Charles Schwab spoke to more than 1,000 individuals who had a net worth of more than $1 million. Of those respondents, 10% had a net worth of more than $10 million.

The survey found that on average 39% of wealthy Americans want to preserve their fortunes to pass on to others.

Gen X are the cohort most significantly trying to preserve cash to share with other people—at 45%—compared to boomers, of which 34% are making similar efforts.

Only 32% of millennials say they are planning the same, though the low figure may be a product of the younger age of the group’s members, who likely aren’t aware of whom they would pass their cash on to.

However, it is in the spending of their fortunes where boomers differentiate themselves from other age ranges.

When asked if they plan to enjoy their money for themselves, 45% of boomers—aged 60 to 78—agreed. Meanwhile just 11% of wealthy Gen Xers will spend the money for themselves and 15% of millennials plan to do the same.

This might pop the metaphorical bubble younger generations are relying on when they look at their financial future.

While some studies estimate that the $90 trillion Great Wealth Transfer will make millennials the richest generation in history, others warn it may be something of a damp squib.

A Northwestern Mutual survey of more than 4,500 U.S. adults conducted earlier this year found that while 32% of millennials and 38% of Gen Zers expect an inheritance, only 22% of Gen Xers and boomers are planning on giving one. 

Another spanner in the works is the fact that rich boomers simply don’t want to retire, and haven’t got a plan for when they will. A HSBC study of 1,800 business owners in 10 markets found that more than half—56%—have no succession plan, while only 26% have broached the discussion of their wealth transfer.

It’s perhaps no surprise then that the sums boomers are expecting to pass on is lower than what Gen X and millennials are planning for.

The Charles Schwab survey found millionaire boomers will pass on in total $3.1 million compared to the average pencilled on by wealthy Americans of $4.1 million.

Boomers also plan to pass on less in real estate—$750,000, compared to $2.5 million estimated by Gen X and $2.2 million by millennials.

The gift shift

Not only do boomers want to enjoy their wealth themselves—they also don’t want to be around to see how the next generation chooses to spend the funds they’re gifted.

When asked if they wanted recipients to enjoy their money while they were still alive, just 21% of boomers responded yes. Conversely, the majority of millennials (53%) want to witness their offspring and loved ones enjoying their cash while 44% of Gen X feel the same.

Likewise, while more than half of boomers (56%) plan to gift some portion of their wealth while they are alive, that will represent only 19% of their fortunes.

Instead the vast majority of boomers’ cash (81%) will be transferred after their deaths, with 73% saying their financial wishes will be enacted after their lifetimes.

By contrast, millennials and Gen X plan to distribute around half of their assets while they are still alive (53% and 54% respectively).

As a result, millennials and Gen X plan to pass on $670,000 and $710,000 respectively during their lifetimes while boomers expect to pass on $170,000 while they’re still alive.

“We encourage families to ground discussions and planning around shared values and goals for wealth being transferred,” said Susan Hirshman, director of wealth management for Schwab wealth advisory. “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.”