Legacy: For Baby Boomers, Family Stories Trump Cash, Survey Says

In her book Storytelling & the Art of Imagination, author Nancy Mellon writes, "Storytelling gives us love and courage for life ... storytelling puts us in touch with strengths we may have forgotten, with wisdom that has failed or disappeared, and with hopes that have fallen into darkness."

Maybe the financial havoc wreaked by the recession has given post 50s a new appreciation for the courage, strength, wisdom and hope found in stories -- because 86 percent of baby boomers surveyed agreed that family stories are the most important aspect of their legacy, according to a new survey from the Allianz Life Insurance Company of North America. Its American Legacies Pulse Study surveyed boomers (age 47 to 66) and "elders" (those age 72+) about inheritance issues.

Stories ranked ahead of personal possessions (64 percent) and the expectation of inheritance for financial well-being (9 percent). Both boomers and elders said that inheritance is not something a parent owes to a child.

But while they agree that an emotional legacy outweighs a financial one, boomers and elders don't always see eye to eye on other aspects of inheritance. Check out the slideshow below for more.



2012 Allianz Life American Legacies Study