Insights into giving and inheriting wealth across generations
Within a generation, over $400 billion is expected to be passed down to inheritors in Canada. How are Canadian families preparing for one of the largest transfers of wealth in history? And will inheritors be ready?
But respondents who began before 18 are more confident in their knowledge of wealth and money.
How do people learn about wealth and money? You may be surprised. We surveyed 1,054 Canadians with average investable assets of $3.8 million. Our research reveals that, while financial lessons typically begin with family, most people learn about money matters on their own.
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Ian, a fifth-generation heir
– Tony Maiorino, Vice President and Head, RBC Wealth Planning Services
Most people want to preserve and grow their wealth so that future generations can carry on their values, give back to their communities, and build lasting legacies. That’s why our research explores their intentions and actions when it comes to transferring wealth to the next generation.
We surveyed 3,105 people in Canada, the United Kingdom and the United States with an average net worth of US$4.5 million, and supplemented the data with one-on-one interviews. These individuals included men and women, professionals and entrepreneurs, business owners and retirees, givers and inheritors. We discovered that people are concerned that their heirs will not have the financial knowledge to preserve and grow family wealth. Our research underscores the critical importance of advance preparation and effective knowledge transfer in creating legacies that last.
We want to talk about your financial future.