Lockdown shifts inheritance demands as Americans are putting more value on their memories and experiences than inheriting cash.
Biography-writing service, StoryTerrace reveals how Americans have redefined what’s valuable through lockdown.
- 62% of Millennials would rather inherit a nostalgic item than cash in a will
- 77% of Americans value the memory of a possession over its financial value
- 59% of Millennials would not sell a valuable inherited item even if they needed the money due to the sentimental value it holds for them or their family
In the wake of the COVID-19 crisis, many people are using this time as a mass reflection on what matters most to us and how we should spend our time. Particularly post-lockdown, many people are more appreciative of experiences and memories than cash and things. Perceptions of value have shifted to create a greater focus on what is important to families, sharing memories and recording stories. Self-isolation has opened up time for us to truly appreciate the little things – and allow us to draw inspiration from simple interactions and moments shared. Memories and the emotions tied to them are what make up the fabric of our lives, and can be carried through the sentimental items we receive from older generations.
What we inherit has long been thought of as a cold transfer of money or items from one generation to the next, but in reality, it is much more. Items that get passed on can vary widely, but what these items have in common is that their value is based on the stories and memories attached to them. While inherited items may have little to no monetary value to an outsider, to those familiar with their stories, they can be absolutely priceless.
A new nationally representative study unveiled by biography-writing service, StoryTerrace, reveals that Americans are actually more attached to sentimental possessions because of the stories attached than cash:
- 57% of Americans would rather receive possessions from their loved ones than cash
- 77% of Americans value the memory of a possession over its financial value
- 54% of Americans would not sell a valuable inherited item even if they needed the money due to the sentimental value it holds for them or their family
- 36% of Americans have inherited an object/artwork/furnishing that they don’t think is attractive, but have hung on to it for sentimental reasons
This research suggests that a majority of Americans place more value on the unique items and stories left to them from their loved ones.
Millennial Nostalgia
- 62% of Millennials would rather inherit a nostalgic item than cash in a will
- 80% of Millennials value the sentimental value of a possession over its financial value
- 59% of Millennials would not sell a valuable inherited item even if they needed the money due to the sentimental value it holds for them or their family
Millennials may be thought of as a digital generation with the rise of social media platforms, but this research shows that they are, in fact, the most sentimental generation when it comes to inherited possessions and the stories behind them.
Rutger Bruining, CEO and Founder of StoryTerrace, comments on the value we put on inherited items and the stories attached to them – particularly during the lockdown period.
“Be it an old house or a quilt made by a grandmother – items passed down from our loved ones carry powerful stories with them. In the eyes of someone else, these things may seem worthless or even dingy, but to us, they are priceless because the stories attached to them have helped shape us.
As a company that deals daily with incredible family stories passed down through generations, we were not at all surprised by the statistics our research has revealed. Despite the practical value of receiving money from the generations before us, we wholeheartedly value the stories and things left behind.
Particularly during this time, we want to encourage everyone to reach out to their loved ones and to listen to their tales and memories. By documenting and recording the stories of your loved one’s life, not only can you preserve their legacy, but you can achieve a better understanding of the person that you are in the world today through who you come from. For those of you who are staying at home for an extended period with your children, we promise that putting together your life story will be a great trip down memory lane and hope it will be a welcome distraction during this testing time.”
