Majority (57%) of Boomers are Expecting to Receive Money from their Parents' Estates
Toronto, ON - In what is poised to be an enormous transfer of funds from one generation to another, a new Ipsos Reid poll conducted on behalf of RBC reveals that a majority (57%) of individuals aged 50-59 either have received or are expecting to receive money from their parents and in-laws when they pass away.
However, perhaps realizing that it might be better to share one's wealth with their children while they're still around, six in ten (61%) boomers indicate that they plan to give money to their adult children at some point during their lifetime. Among individuals who intend to be generous in this regard, seven in ten (69%) report that they will do so because they want to see their children enjoy their lives. Other reasons include wanting to help their grandchildren by helping out their children financially (42%), and wanting to help their children learn to manage money while they're still around to mentor.
However, some boomers in their fifties indicate that they will not be so giving when it comes to sharing their money with their children while still alive. Nearly one in ten (7%) indicate that they have no intention of doing so, believing that their children need to earn their own way, and to wait until they die before they inherit their estate.
Beyond the transfer of money and estate to their children, other family members and friends, the broader question of the legacy left behind also comes into play. However, three in ten (29%) Canadians in their fifties believe that they have not given enough consideration to their legacy. But in contemplating that legacy, seven in ten (70%) feel strongly that they want to be remembered as a person who enjoyed time with their family. Furthermore, eight in ten (81%) individuals in their fifties indicate that their children are their legacy, lending further credence to the apparent importance of their families in the lives of aging boomers.
Although most boomers seem to place the importance of their families in high regard, the results of the survey indicate that many feel that they have not done enough to help their families out. More specifically, just two in ten (20%) boomers in their fifties believe that they have done enough to make sure that their family will be okay after they pass on.
These are the findings of an Ipsos Reid poll conducted on behalf of RBC from August 3 to August 8, 2007. For the survey, a representative randomly selected sample of 2,037 adult Canadians between the ages of 50 and 69 with household assets of $100,000 or more was interviewed online. With a sample of this size, the results are considered accurate to within 177 2.1 percentage points, 19 times out of 20, of what they would have been had the entire adult population in this age and income range been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. These data were weighted to ensure that the sample's regional and age/sex composition reflects that of the actual Canadian population according to Census data.
For more information on this news release, please contact:
Harriet Shenken
Vice President
Ipsos Reid
(416) 324-2105
Harriet [email protected]
About Ipsos Reid
Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.
To learn more, please visit www.ipsos.ca.
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