TORONTO, April 08, 2025 (GLOBE NEWSWIRE) — A new national study by the Money Wise Institute exposes a growing communication gap between Canadian parents and their children regarding inheritance, wealth transfer, and financial expectations. With potentially devastating emotional and financial implications, this silent crisis highlights a critical need for open dialogue in families across the country.
With new 25 per cent tariffs on imported vehicles and other goods adding to the cost-of-living crisis, Canadian families are under increasing financial strain. These pressures are quietly reshaping how people think about wealth, legacy, and inheritance—raising the stakes for open, honest conversations across generations.
The report, titled The Age of Broken Conversations, reveals a troubling disconnect between generations. While 80 per cent of Canadian parents intend to leave an inheritance, more than half (52%) have not discussed their plans with their children.1 At the same time, 51 per cent of Millennials and Gen Z expect to inherit wealth—but 80 per cent are uncertain about the amount or timing of these inheritances.
Silence isn’t golden
“We’re about to witness the largest wealth transfer in Canadian history—but families aren’t talking about it,” says Kelley Keehn, CEO and Co-Founder of Money Wise Institute and best-selling author of Talk Money to Me. “This silence is creating financial stress, broken expectations, and missed opportunities for both families and the financial professionals who support them.”
Additional Findings – The disconnect between generations:
- 25% of parents worry their children won’t responsibly manage their inheritance.
- 21% of parents feel guilty prioritizing their own financial security over leaving money to their heirs.
- 67% of Millennials/Gen Z would prefer to have open conversations about inheritance now rather than be surprised later.
- Two thirds of Millennials/Gen Z (64%) currently do not have a financial advisor, while 34 per cent don’t trust them.
- Two thirds of Millennials/Gen Z (67%) say lower fees and personalized service would encourage them to switch from online financial tools to a human advisor when seeking financial advice.
Why It Matters:
The study underscores a growing challenge for banks, wealth managers, and financial advisors: bridging the emotional and generational gap in financial planning. Families are navigating rising costs, shifting expectations, and increasing emotional complexity—but few are getting help starting the right conversations.
“Inheritance isn’t just a financial transaction—it’s emotional, personal, and often tied to identity, values, and legacy,” says Gary Teelucksingh, Co-Founder of Money Wise Institute and former global financial services CEO. “Financial professionals need the tools, training, and language to guide these conversations with empathy and expertise.”
The study will be explored in more depth during a free public webinar on April 22, hosted by Money Wise Institute.
About the Research:
These findings are from The Age of Broken Conversations, a survey conducted by Money Wise Institute from March 25th to March 27th, 2025, among a representative sample of 1,510 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.5 percentage points, 19 times out of 20.
About Money Wise Institute
Money Wise Institute, co-founded by Kelley Keehn and Gary Teelucksingh, equips financial institutions with research-driven training that enhances advisor performance and strengthens client relationships. Through cutting-edge education grounded in real-world insights, the Institute empowers banks and wealth firms to better support clients across complex, emotional, and intergenerational financial decisions. Its specialized programs—covering topics such as intergenerational wealth transfer, women and money, business owners, and physician finances— are designed to foster trust, deepen engagement, and elevate the client experience. Visit the Money Wise website here: Money Wise Institute | Enhance Financial Growth.
For interview requests, media assets, or a copy of the full report, please contact:
Julia Koichopolos
Maverick PR
416-938-2882
julia@wearemaverick.com
________________________
1 Among those that agree they could have a detailed conversation with their heirs about their inheritance, more than half (52%) have not discussed their plans with their children.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/860468e1-73d0-4d52-9a22-e79e601a6026
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
