Almost half (49%) of Canadians are not expecting to receive a meaningful inheritance, according to a new survey from Mississauga, Ont.-based Edward Jones.
In addition, a person's income doesn't have a major impact on his or her inheritance expectations, the survey also found. For example, 50% of survey participants with annual income of less than $40,000 are expecting an inheritance whereas 39% of those earning more than $100,000 are anticipating one.
Regardless of whether clients may expect an inheritance, Edward Jones suggests that financial planning is necessary for all.
"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," says Patrick French, principal of solutions tools and consulting with Edward Jones. "It's not always easy to talk about, but we encourage Canadians to start the conversation about inheritance early so that they can plan accordingly."
Among the survey participants who are planning to leave an inheritance, the survey found that approximately 60% say it "will provide a significant contribution to their loved one's long term financial future." Specifically, the survey found that 61% of those aged 55 to 64 and 57% of those aged 65 and older are expecting to leave a "significant contribution" after they die.
Leger surveyed 1,565 Canadians in May on behalf of Edward Jones.
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