Business
Planning to leave an inheritance? Time to clear the heir. Boomers and Millennials aren't on the same page about inheritance plans
Planning to leave an inheritance? Time to clear the heir. Boomers and Millennials aren't on the s...
About this update from Sun Life Financial Inc.
[{"type":"text","content":"\n \n \n \n Planning to leave an inheritance? Time to clear the heir. Boomers and Millennials aren't on the same page about inheritance plans\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Sun Life empowers Canadians to make the best wealth, health, and protection decisions across generations on their terms.\n \n \n \n \n \n \n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Nov. 7, 2023\n \n \n /CNW/ - When it comes to inheritance and transferring wealth from one generation to the next, Boomer intentions and Millennial expectations do not add up. A recent survey conducted by Ipsos for Sun Life revealed that Boomers intend to leave a much greater inheritance than Millennials are expecting to receive. Boomers who cite they are giving 100% of their inheritance to their child(ren) intend to leave an average amount of\n \n $940,000\n \n compared to the average\n \n $309,000\n \n Millennials expect to receive. This gap increases when Boomers work with a financial advisor and expect to leave just over\n \n one million dollars\n \n .\n \n \n \"We are experiencing the largest intergenerational wealth transfer in\n \n Canada's\n \n history,\" said Rowena Chan, President, Sun Life Financial Distributors (\n \n Canada\n \n ) Inc., and Senior Vice-President Retail Advice & Solutions. \"Canadians have a significant opportunity to secure lifetime financial security for themselves and their loved ones for future generations - and it's never too early to start planning. Whether through a self-serve model, working with an advisor, or a combination of both, having a holistic plan in place empowers our Clients to make the best wealth, health, and protection decisions across generations, on their terms...