Key Wealth poll finds more than one in three have saved at least $100,000 less — and the gap hits hardest among women, set to inherit the most
CLEVELAND, July 15, 2026 /PRNewswire/ -- Most mass affluent Americans who expect an inheritance have never actually confirmed one is coming — yet nearly two-thirds (64%) say an anticipated windfall is actively reshaping their financial decisions, and more than a third (36%) have already saved or invested at least $100,000 less because of it, according to Key Wealth's 2026 Inheritance Pulse Poll, released today.
Key Wealth, the wealth management business of KeyCorp (NYSE: KEY), found that just 34% of Mass Affluent Inheritors formed their expectations through a direct family conversation with specific figures, timing, or conditions, with the rest operating largely on assumption. Among those who have never broached the subject with family, half (50%) say it is because they do not want to appear to be counting on the money. With an estimated $124 trillion expected to change hands worldwide over the next two decades, the gap between expectation and reality carries real planning consequences.
"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."
The Cost of Counting on an Inheritance
Unverified expectations are translating into measurable changes in financial behavior. Among Mass Affluent Inheritors whose decisions have been shaped by inheritance expectations, many are saving less for retirement (40%), taking more investment risk (36%) and spending more freely on lifestyle or travel (18%).
The impact is substantial: 44% report pulling back on savings or investments by at least $25,000 over the past five years, and for more than one in three (36%), that shortfall reaches $100,000 or more.
Prepared in Theory, Exposed in Practice
Six in ten (61%) Mass Affluent Inheritors rate their financial plan as "very prepared" regardless of any expected inheritance. Yet, a quarter (25%) say they would need to work significantly longer than planned if an inheritance fell through, and nearly one in five (19%) would face a reduced retirement lifestyle.
Healthcare and long-term care costs (40%) are the threat most likely to put those plans at risk, ahead of a family member outliving their assets (33%), changes in estate or gifting plans (20%) and even market volatility (19%).
Women Are Set to Inherit More — and Planning for It Less
Research indicates women in the United States are on track to nearly double their assets by 2030, yet Key Wealth's findings reveal a striking preparedness gap. Just 41% of women have discussed their inheritance with a financial advisor, compared to 54% of men, and only 17% say inheritance is a significant part of their long-term financial plan. For more than half (52%) of women, inheritance expectations have not changed their saving behavior at all.
However, the formal planning gap does not extend to all financial behaviors. Among respondents whose decisions have been shaped by anticipated inheritance, women are less likely than men to take on additional investment risk (30% vs. 43%) or reduce retirement contributions (37% vs. 43%).
The Cycle Is Already Repeating
Seven in ten (71%) say they intend to leave a legacy for their children, but 38% have no formal estate plan in place. Without one, their heirs risk inheriting not only fewer assets, but also the same assumptions, silence and unverified expectations that shape today's inheritance gap.
The Most Valuable Conversation in Wealth Planning
Demand for advisor guidance on inheritance planning far outpaces current engagement. More than three-quarters (78%) of Mass Affluent Inheritors would find an advisor-facilitated family conversation on inheritance valuable, but fewer than half (47%) 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."
Explore more findings from Key Wealth's 2026 Inheritance Pulse Poll here.
Methodology
Key Wealth's 2026 Inheritance Pulse Poll was conducted online via SurveyMonkey from April 17 to May 15, 2026, examining how inheritance expectations shape financial behavior, savings and planning decisions, advisor engagement, and attitudes toward generational wealth transfer. Respondents were screened in two stages. In the first stage, 3,809 U.S. adults confirmed a household income of $100,000 or more and investable assets of $100,000 or more — collectively defined throughout this report as "mass affluent Americans." In the second stage, respondents were asked whether they expect to receive or have already received an inheritance. The 2,301 respondents who confirmed inheritance expectations or receipt completed the full survey and constitute the qualified respondent sample — collectively defined throughout this report as "Mass Affluent Inheritors." All behavioral and attitudinal findings reported herein are drawn exclusively from this qualified sample (n = 2,301). Results are statistically significant at the 95% confidence level with a margin of error of ±2.04%.
About KeyCorp
Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $187 billion. Key provides deposit, lending, cash management and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in select industries through the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.
The Key Wealth Institute is comprised of financial professionals representing KeyBank National Association (KeyBank) and certain affiliates, such as Key Investment Services (KIS) and KeyCorp Insurance Agency USA Inc. (KIA).
Any opinions, projections, or recommendations contained herein are subject to change without notice, are those of the individual author(s), and may not necessarily represent the views of KeyBank or any of its subsidiaries or affiliates.
This material presented is for informational purposes only and is not intended to be an offer, recommendation, or solicitation to purchase or sell any security or product or to employ a specific investment or tax planning strategy.
KeyBank, nor its subsidiaries or affiliates, represent, warrant or guarantee that this material is accurate, complete or suitable for any purpose or any investor and it should not be used as a basis for investment or tax planning decisions. It is not to be relied upon or used in substitution for the exercise of independent judgment. It should not be construed as individual tax, legal or financial advice.
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