Most Canadian parents expect they won't be able to leave inheritance: Survey

Article content

A new Canadian study by Money Wise Institute found that 57% of parents expect to spend most of their wealth during their lifetime.

The survey also said about 80% of Canadian parents believe the rising cost of living is the biggest risk to them leaving an inheritance, while 22% of parents felt guilty about prioritizing their financial security over a legacy.

Meanwhile, 55% of millennials and gen-Zers expected to receive an inheritance. A quarter agreed with the statement, “If I don’t receive an inheritance, it will impact my financial plans,” while a third felt financially unprepared to manage an inheritance

“We’re seeing a quiet collision of assumptions,” Kelley Keehn, CEO of Money Wise Institute, said in a statement.

“Parents are dealing with rising costs and personal financial uncertainty, while the next generation of Canadians are quietly counting on wealth that may never come. The result isn’t just tension — it’s a breakdown of trust, planning and emotional connection.”

RECOMMENDED VIDEO

We apologize, but this video has failed to load.

Try refreshing your browser, or
tap here to see other videos from our team.

Play Video

The survey found 80% of parents said they planned to leave an inheritance, but 52% had not talked with their children about it and 28% were worried that their children won’t responsibly manage their inheritance.

The study showed that 45% of millennials and gen-Zers felt that “if one sibling received significant financial support already, they should inherit less,” while 19% of millennials and gen-Z respondents already had disagreements with a sibling about financial fairness.

The research found 35% of parents had told their heirs they may receive less than expected, 25% of parents had gifted unequally based on need and 18% of parents were concerned their wealth distribution would cause a family conflict.

The poll found 16% of parents had provided financial gifts to one child but not others and 13% of parents had gifted unequally because one child was more responsible.

This survey was conducted by Money Wise Institute from March 25 to March 27 among 1,510 online Canadians in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of plus or minus 2.5 percentage points, 19 times out of 20.