Canadian women create a legacy centred on family and social impact

 

Canadian women see legacy as more than leaving wealth behind

  • High-net-worth individuals (HNWIs)
  • Canadian HNW women
  • Canadian HNW men

More Canadian women than men define their legacies based on relationships with others:

Relationships with family
66% 60%
Relationships with friends
30% 28%
Relationships with local community
14% 11%

A higher share of Canadian women than men say societal causes have become more important than wealth accumulation in defining a legacy.

60% 52%

Family and charity are central to legacy

HNW Canadians aren't just thinking about their own legacies; More women agree it's important to lay a foundation for the legacy of family/future generations.

80%
78%

When compared to their male counterparts, nearly twice as many younger1 Canadian women base their giving on how it relates to their legacy as opposed to other factors (eg, being asked by others to give).

Younger Canadian women prefer giving to family members' particular causes over general gifting

  • Younger Canadian HNW women
  • Younger Canadian HNW men
  • Older Canadian HNW women
  • Older Canadian HNW men

Two-thirds of HNW Canadians primarily give their wealth to their families. How do they do it?

General gifting, with no strings attached
29% 52% 67% 74%
Education
55% 39% 36% 33%

(eg, paying for tuition)

Healthcare
47% 43% 36% 35%

(eg, paying medical bills, caring for an aging relative)

Investments
53% 61% 24% 21%

(eg, real estate)

Arts and culture
16% 21% 10% 14%

(eg, purchasing a painting as a gift)

Funding a business start-up
16% 27% 2% 2%

Canadians' favoured charitable causes vary from animal rights to human rights

The majority of HNW Canadian women, more than HNW Canadian men, feel a personal responsibility to try to address economic inequality and for their wealth to benefit broader society.

Canadian women most often favour:

Health/healthcare
Animal rights/welfare
Children/youth
Diversity & inclusion
Education
Human rights

Canadian men most often favour:

Children/youth
Health/healthcare
Science
International development
Human rights
Political candidates/groups

More Canadian women want to give back during their lifetimes

58% of Canadian women compared with 48% of Canadian men plan to distribute their wealth during their lifetimes or equally during and after their lives.


Footnotes:
  1. “Younger” is defined as people in Generation X or the Millennial generation, born between 1965 and 2000.

Data based on an Economist Intelligence Unit survey conducted from March to May 2018.
The research, commissioned by RBC Wealth Management, surveyed 1,051 HNWIs across Asia, Canada, the UK and U.S.
The survey included 259 respondents in Canada with at least US$1 million (C$1.29 million) in investable assets.

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© The Economist Intelligence Unit Limited 2018

Produced by:
The Economist Intelligence Unit