Many Canadians aren't expecting an inheritance: survey

Almost half of Canadians aged 18 to 54 don’t believe that an inheritance is part of their long-term financial future, finds a survey by Edward Jones.

Interestingly, a person’s income doesn’t appear to make a difference when it comes to inheritance expectations; 50% of those whose income is less than $40,000 say they expect an inheritance, while 39% of those earning a salary of more than $100,000 say the same.

“When it comes to your future, an inheritance can have a major impact on your financial strategy,” says Patrick French, principal of solutions tools and consulting with Edward Jones. “Planning ahead so that you can have an appropriate strategy in place is crucial, whether or not you are not expecting an inheritance from your loved ones.”

Here are some additional findings.

36% of those aged 55 to 64 are expecting to inherit; one in three over age 65 is expecting the same.
60% say that an inheritance “will provide a significant contribution to their loved one’s long-term financial future.”
61% of those aged 55 to 64, and 57% of those over 65, say they plan on leaving a “significant contribution” to a loved one.

About the survey: 1,565 Canadians over the age of 18 were surveyed online between May 23 and May 26, 2017.

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