Study Gives Insight into Views on Inheritance

A recent study from Canada has given an interesting insight into the older generation’s views on spending all their money verses leaving an inheritance for their children.

According to the study, which was conducted by HomEquity Bank and Ipsos Canada, 86% of respondents said they are unwilling to forgo doing, achieving or acquiring something in order to provide a larger inheritance for their adult children.

The study also found that:

• 62% of Canadians aged 55+ are not very concerned about ensuring there is an inheritance left for their children after they have supported their own needs and wants. Older Canadians aged 65+ feel even more strongly, with 71% stating they are not very concerned about leaving an inheritance.
• 19% of Canadians aged 55+ still have a child who depends on them financially; and, statistics show this is more prevalent for those with a post-secondary (26%) or University education (24%).

According to the Canadian Government’s Office of Consumer Affairs, spending by senior husband-wife households (typically without children at home) grew the fastest from 1997 to 2002, increasing at an average annual rate of 4.7%.

“Seniors are not feeling pressured about leaving an inheritance,” explained Yvonne Ziomecki, SVP, HomEquity Bank. “They’re very comfortable with wanting to enjoy their retirement. And, with the majority of our clients, they know there will still be an inheritance that will go to their children. In fact, on average, our clients have more than 50% of the equity left in their homes at the time of sale.”

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