55% need a financial inheritance or windfall to reach their goals, study says
But while the younger generations are most likely to receive a wealth transfer, they are also the most likely to give one. The study found that 14 per cent of the younger cohorts have initiated a wealth transfer since the beginning of the COVID-19 pandemic in March 2020. That’s in comparison to just one per cent of those aged 35-54 and four per cent of those aged 55 and above.Article content
Overall, a quarter of gen Z and millennials have given and/or received a wealth transfer since the start of the pandemic, which is 11 per cent above the national average.Article content For the older cohorts, wealth transfers were largely prompted by the death of a family member or friend: 51 per cent for those aged 35-54 and 63 per cent for those aged 55 and above. In comparison, it was much less of a factor for gen Z and millennials at just 28 per cent.
In general, the survey found that a majority of Canadians are looking to pass on at least a portion of their inheritance during their lifetime. The top reasons for transferring wealth are to ensure it is distributed without conflict and to give immediate financial relief to a family member or friend .
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