High-net-worth (HNW), Canadian households have been reconsidering their finances in ways that prioritize not only their children, but the world around them, says a study by IG Wealth Management. The study says, 77 per cent want to see their children ‘get ahead;’ 86 per cent say they plan to provide financial support for children attending college or university, with the average amount totalling more than $35,000; and HNW are giving an average of $145,000 to each child for the purchase of a home. Additionally, as more young people look to start new business ventures, more than a quarter (26 per cent) of HNW Canadians say they would fund half or more of the start-up costs if their son or daughter decided to open a business. However, many parents are also concerned about how and when to leave money to the next generation, says Damon Murchison, president and chief executive officer at IG Wealth Management. Furthermore, two-thirds of affluent households currently donate to charitable causes on a regular basis and one-in-five (20 per cent) say their estate plans include gifts to philanthropic organizations.
245 Fairview Mall Drive, Suite 501, Toronto, ON M2J 4T1