Most Canadian Parents Expect No Inheritance for Their Children, Survey Reveals
A recent research conducted by the Money Wise Institute reveals that 57% of Canadian parents anticipate using up most of their fortune throughout their lives.
The survey indicated that approximately 80% of Canadian parents see the increasing cost of living as the primary threat to passing down an inheritance. Additionally, 22% of these parents reported feeling remorseful for emphasizing their own financial stability over bequeathing alegacy.
At the same time, 55% of millennials and Gen Z respondents anticipated receiving an inheritance. One-quarter concurred with the sentiment, “Should I not get an inheritance, it would affect my financial strategies.” Additionally, one-third expressed feeling inadequately prepared to handle an inheritance effectively.
“We’re witnessing a subtle clash of expectations,” stated Kelley Keehn, CEO of Money Wise Institute.
Moments are fraught as parents grapple with escalating expenses and individual monetary instability, whereas the upcoming cohort of Canadians silently rely on prosperity that might not materialize. This scenario doesn’t merely breed strain; it leads to a disintegration of confidence, strategy, and heartfelt bonds.
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According to the survey, 80% of parents indicated they intended to leave an inheritance; however, 52% hadn’t discussed this with their children, and 28% expressed concern that their offspring might not handle the inheritance prudently.
The research indicated that 45% of individuals from the millennial and Gen-Z generations believed that “if one sibling has already received considerable financial assistance, they ought to receive a smaller inheritance.” Additionally, 19% of these same younger-generation participants reported having conflicts with their siblings regarding financial equity.
The study revealed that 35% of parents informed their children they might inherit less than anticipated. Additionally, 25% of these parents have distributed assets unevenly according to each child’s needs, and 18% worried about potential familial disputes arising from how wealth was allocated.
The survey revealed that 16% of parents had offered monetary presents to some children but not to the rest, and 13% admitted they had distributed gifts unevenly as one offspring was seen as being more dependable.
The survey was carried out by the Money Wise Institute between March 25 and March 27, involving 1,510 Canadian participants who were surveyed in both English and French. If we consider accuracy for comparative analysis, such a sample size typically comes with a potential deviation of ±2.5 percentage points, occurring approximately nineteen times every twenty samples.