Majority of Canadian Seniors (86%) Not Planning to Give Up Anything to Leave a Larger Inheritance for their Adult Kids

Toronto, ON - A majority (86%) of Canadian seniors say they have no plans to give up their own needs and desires in order to leave a larger inheritance to their children, according to a new Ipsos survey conducted on behalf of HomEquity Bank. This leaves just 14% who say there is something specific they will give up and not do, achieve or acquire so that their children will inherit more.

Canadians aged 75+ are the most reluctant to hold off on their spending plans: more than nine in ten (94%) say "No" to giving up something in order to provide a larger inheritance, compared to 89% of those aged 65-74 and 80% of those aged 55-64.

While household money, assets and income represent sources of financial support for seniors' needs and desires, they can also be considered their children's potential future inheritance. Despite this, many seniors seem unconcerned about what they are leaving behind. Six in ten (62%) say they are unconcerned (32% not at all/30% somewhat) about the inheritance that will remain for their children after they have supported their own needs and desires, leaving 38% who say they are concerned (7% very/32% somewhat).

Older seniors are less likely to be concerned about their kids' inheritance: 72% of those aged 75 and up say they are unconcerned, followed by 71% of those aged 65-74. Only half (51%) of those aged 55-64 say they are unconcerned, meaning the inheritance they will leave behind is a concern for 49% of this age group, who are more likely to have younger children who are not yet financially independent.

For seniors of any age, this lack of concern and absence of plans for financial sacrifice may be due to the fact that they no longer have any children who are financially dependent on them. Eight in ten (81%) say none of their children depend on them anymore. Conversely, two in ten (19%) say they still have at least one child that is currently dependent and may (5%) or may not (14%) be indefinitely dependent on their parents' financial support. Seniors with a post-secondary (26%) or university education (24%) are more likely to have a child that depends on them financially, compared to seniors with a high school (13%) or less (7%).

For more information on this news release, please contact:

Sean Simpson
Vice President
(416) 324-2002
Ipsos Public Affairs
[email protected]

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