Many young Canadians need a legacy: survey

More than half (55%) of Gen Z and Millennial Canadians want to achieve their financial goals, such as living independently, buying a home or having children, according to a new online survey. states that a financial inheritance is necessary for

Conducted by Pollara Strategic Insights, 1,517 adult Canadians were surveyed between August 15-16 to better understand their money transfer habits since the pandemic began in March 2020.

Since March 2020, 25% of Canadians between the ages of 18 and 34 have received or gifted a financial inheritance, compared to the national average of 14%. They’re the age cohort most likely to receive money, but research has found that they make more wealth transfers than older people.

14% of Gen Z and millennials sent money, compared to 1% of respondents aged 35-54 and 4% of respondents aged 55+.

Julie Petrella, senior strategist at Edward Jones, said: “We’ve all heard of ‘mom and dad’s banks’ that help young people through wealth transfers, but our data shows that young people are willing to give back.” I have a strong desire to do so,” he said. The financial institution that commissioned the investigation said in a release.

In addition, age-related differences in motivation were also observed.

Younger generations used wealth transfers to meet pressing needs. These include personal finances, including unemployment and medical expenses (38%); economics, including inflation (33%); large purchases, including home and car purchases (25%); )It is included. cent) having children, etc.

Death of a family member or acquaintance accounted for 51% of wealth transfers in the older cohort (ages 55+) and 63% for those aged 35-54. Millennial and Gen Z respondents.

An IG Wealth Management report last year found that 72% of parents surveyed were willing to help their children buy their first home, paying an average of $145,000 per child.

First-time buyers in September 2021 received an average of $82,000, while “Mover Upper” received an average of $128,000.

According to a recent survey, the majority of Canadians (54%) aim to leave a legacy, or at least part of it, in their lifetime. Distributing your estate without dispute (34%) and giving your friends and family financial security (27%) are the two variables most likely to influence this choice.

However, this is a significant drop from last year, when 65% of Canadians said they would like to leave a legacy.

We also know that young Canadians are suffering a lot of the economic hit because inflation in Canada is still high.

A survey last month found that 27% of millennials aged 27 to 41 reported taking out debt to repay their spending, while Gen Z aged 18 to 26 26% of respondents followed closely.

Gen Z respondents were four times more likely than baby boomers to consider moving for cheaper housing, at 12% and 3%.

“(The results of the survey) are timely reminders that our strategic approach to finance should not be defined by what is considered normal or traditional, but by what is most important to you.” It reminds me of

“Your unique circumstances, goals and priorities should form the basis for these important financial decisions.”

Many young Canadians need a legacy: survey

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