A recent study from Canada has looked at how high-net worth Canadians (those with investible assets of $1 million or more) intend to pass on their wealth to the next generation.
The study, which was conducted by BMO Harris Private Banking, found that on average, wealthy Canadians plan to leave around a third of their wealth to their children in their wills. A further 60% will be left to their spouse of partner, and the remaining 10% will be split between other family members, charities and a board or company.
Additionally, almost 80% of high-net worth Canadians feel that their children are ready to manage their inherited wealth. This sentiment could perhaps be attributed to educational efforts, say BMO, as two-thirds reported that they spend time educating their children about money matters.
“Affluent Canadians value leaving a legacy and will be passing on a significant portion of their wealth to their offspring,” said Yannick Archambault, Vice President and COO, BMO Harris Private Banking. “However, with wealth comes complexity. It’s reassuring to see that so many are taking the time to help their children become more savvy about finances.”
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