Sun Life empowers Canadians to make the best
wealth, health, and protection decisions across generations on
their terms.
TORONTO, Nov. 7, 2023
/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 $940,000 compared to the average $309,000 Millennials expect to receive. This gap
increases when Boomers work with a financial advisor and expect to
leave just over one million
dollars.
"We are experiencing the largest intergenerational wealth
transfer in Canada's history,"
said Rowena Chan, President, Sun Life Financial Distributors
(Canada) 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."
It is expected that $1 trillion in
personal wealth will be transferred from one generation to the next
in Canada by the end of
20261. But are we facing this important reality or
letting lifetime financial security pass us by?
Preparing the next generation to manage wealth.
As Canadians live longer lives of higher quality, they face a
new host of concerns when planning for a secure financial future,
at any age. Living expenses, market volatility, retirement costs,
lifestyle needs, healthcare considerations, and leaving a legacy
are all top of mind.
Of the 44% of Boomers surveyed who plan to leave an inheritance,
less than half (47%) have an estate plan and one quarter (26%) have
not discussed their plans with the intended recipient. With over
half of Millennials (57%) surveyed who expect an inheritance
intending to add it to their retirement savings, it's become
increasingly important to ensure the next generation understands
how to manage wealth and build a secure financial roadmap for the
future. The survey also finds that 55% of Millennials who expect an
inheritance plan to use it towards rising housing costs, followed
by 36% using it to pay down debt.
"Receiving an inheritance presents a huge opportunity for
Millennials whose generation has faced immense economic pressure
including volatile interest rates and exorbitant housing costs,"
said Brian Burlacoff, Advisor, Sun
Life. "It's important for Boomers and Millennials alike to have
transparent conversations about estate planning and it pays to
start early. Working with a trusted professional who can offer
holistic advice and solutions will be particularly beneficial to
Canadians who are concerned about preserving their wealth,
protecting their heirs from unexpected tax burdens, and having
enough money in retirement to live a full and healthy life."
Sun Life is committed to helping Canadians build thriving
futures at any life stage – and it all starts with a plan.
- Create a financial roadmap - A financial roadmap that
encompasses wealth, health, and protection is key to achieving your
goals. Sun Life One Plan helps Clients set, track, and continuously
adjust personalized goals.
- Connect with an advisor - Sun Life advisors offer
holistic advice, tailored to your needs, to ensure you have the
right mix of investment, insurance, and health solutions to achieve
your goals. Find the right advisor for you.
- Trusted wealth management - Building a secure financial
future in a world of permanent uncertainty has never been harder.
Sun Life Global Investments helps retail and institutional
investors build wealth and manage risk through innovative products
and solutions.
- Sun Life Learning Labs - Check out Sun Life's free
financial education webinars. Each webinar covers a different stage
of your journey to retirement.
About the survey
The survey is based on findings of an Ipsos poll conducted
between August 30 and September 1,
2023. A sample of 750 Millennials, aged 27-42 and 750
Boomers, aged 58-77 was drawn from the Ipsos I-Say online
panel. The precision of Ipsos online polls is measured using a
credibility interval. In this case, the poll is accurate to within
± 4.1 percentage points, 19 times out of 20, for each sample had
all Canadian Millennials or Boomers been polled. The credibility
interval will be wider among subsets of the population. All sample
surveys and polls may be subject to other sources of error,
including, but not limited to coverage error, and measurement
error.
About Sun Life
Sun Life is a leading international financial services
organization providing asset management, wealth, insurance and
health solutions to individual and institutional Clients. Sun Life
has operations in a number of markets worldwide, including
Canada, the United States, the United Kingdom, Ireland, Hong
Kong, the Philippines,
Japan, Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30,
2023, Sun Life had total assets under management of
$1.37 trillion. For more information,
please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under the
ticker symbol SLF.
Note to editors: All figures in Canadian dollars.
Media Relations Contact:
Taylor Donnelly
Senior Specialist, Corporate Communications
T. 416-577-7543
taylor.donnelly@sunlife.com
________________________
|
1 Strategic
Insights
|
SOURCE Sun Life Financial Inc.