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Charles Schwab High Net Worth Client Pulse Survey Finds Affluent Investors Are Continuing to Gift Their Assets Despite Economic Uncertainty

1. 51% of HNW clients plan to gift assets this year. 2. 25% of gifting HNW clients will increase their gifts this year. 3. Confidence persists among HNW clients despite a bearish market outlook. 4. 67% of clients feel confident in their financial decision-making. 5. Gifting strategies are focused on supporting immediate family.

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FAQ

Why Bullish?

The shift towards increased gifting indicates strong HNW client engagement and confidence, historically linked to positive stock performance.

How important is it?

The survey results reflect a robust trend among HNW clients that can influence Schwab's service offerings and revenue.

Why Short Term?

Increased gifting typically boosts asset flow in the financial sector, benefiting Schwab in the near future.

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Among High Net Worth clients making gifts in 2025, 25% plan to give more compared to last year. WESTLAKE, Texas--(BUSINESS WIRE)--Despite a backdrop of market volatility and economic uncertainty during the first half of 2025, High Net Worth (HNW) retail investors are continuing to gift their assets, according to the latest Schwab HNW Client Pulse Survey. Half (51%) of HNW Schwab retail clients, defined as those with at least $1 million in assets at Schwab, plan to gift some amount of their wealth this year. Among those gifting, 25% plan to increase the amount of their gifts this year as compared to last year, and only 7% plan to give less. This continued momentum in wealth transfer reflects the confidence among HNW clients that their financial plans are resilient amid market volatility and uncertainty. While a majority (59%) of HNW clients surveyed describe their market outlook as bearish, over half of those with bearish sentiment feel confident they have a plan in place to withstand any potential market correction. In fact, 67% of HNW clients overall remain confident in their decision-making. Looking forward, 57% of HNW Schwab clients surveyed plan to gift some of their assets in the next five years, and three-quarters (74%) plan to do so over the course of their lifetime. “HNW investors may be cautious about the markets, but they’re still acting with intention and making decisions that align with their long-term goals, whether that means giving now or planning to transfer wealth over time,” said Susan Hirshman, Director of Wealth Management for Schwab Wealth Advisory and Schwab Center for Financial Research. “Confidence doesn’t always mean optimism about the market, but it does mean having clarity in your strategy and financial plan, and the discipline to follow it.” The Who, How and Why of Gifting Among HNW investors surveyed who are making gifts in 2025, most are focused on supporting their immediate families. The vast majority (84%) say they plan to give assets to their children, with 91% of those gifts intended for children over the age of 18. Half (50%) say they’ve already had—or plan to have—conversations with their children about the gifts. While cash remains the most common form of giving, nearly one in four HNW clients plan to transfer investments, highlighting the use of appreciated assets as part of tax and estate planning to reduce capital gains and estate taxes. Even with tax efficiency in mind, gifting is driven by more than financial optimization. The top motivations cited by HNW clients include general financial support for family (66%), estate and tax planning (34%), and funding for education (30%). Additionally, 21% aim to help with significant life milestones, such as a wedding, home purchase, or starting a business. “Gifting is about more than passing down wealth—it’s about passing down purpose,” said Hirshman. “Yes, tax and estate strategies are important, but the conversations around gifting often center on values, legacy, and preparing the next generation to be thoughtful stewards of what they receive.” About the Midyear 2025 HNW Pulse Survey by Charles Schwab The Schwab HNW Client Pulse Survey explores the outlooks, expectations, investing patterns and points of view of clients at Charles Schwab who have more than $1M in investable assets. The study included 183 HNW clients at Charles Schwab and was fielded from April 1 – 14, 2025. About Charles Schwab At Charles Schwab, we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity. More information is available at aboutschwab.com. Follow us on X, Facebook, YouTube, and LinkedIn. Disclosures ​The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. All expressions of opinion are subject to changes without notice in reaction to shifting market, economic, and geopolitical conditions. Data herein is obtained from what are considered reliable sources; however, its accuracy, completeness, or reliability cannot be guaranteed. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk, including loss of principal. (0525-ZUE3) More News From CHARLES SCHWAB & CO. INC.

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