53% of Canadians expect to receive an inheritance and apparently most except to get a bit of a windfall. Of those who believed they knew how much they would receive, 57% expected their inheritance to exceed $100,000.
These expectations are not in line with what people who have already received an inheritance reported getting. Of those who were willing to reveal the amount they had inherited, only 18% reported receiving over $100,000 while 26% revealed receiving less than $5,000. It seems that some of the beneficiaries-in-waiting out there might be in for an unpleasant surprise!
Different age groups had different expectations about receiving an inheritance. While 80% of those aged 18-29 anticipated receiving an inheritance, respondents aged 30-44 were more modest in their expectations with 62% expecting to receive one. Baby boomers weren’t so optimistic – 48% of Canadians aged 45-64 thought they’d inherit money.
What people expect to receive is not necessarily in line with what people expect to leave behind. 45% of Canadians aged 60 and over are concerned that their savings will be depleted during their retirement and that they will not have any money to leave behind. 25% are not willing to make any personal sacrifices in order to leave others an inheritance.
Despite these expectations, many people report never discussing the terms of their parents wills with them. Of Canadians whose parents currently have wills, 39% say they’ve never discussed the contents. 61% of those whose parents have died leaving a will said that they had not been previously aware of the contents.