Affluent Say Heirs Have Financial Savvy

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    Affluent Canadians plan on leaving, on average, almost one-third (30 per cent) of their wealth to their children, says a study on high-net worth Canadians by BMO Harris Private Banking. They plan to divide the remainder of their estates with their spouse or partner (60 per cent); other family members (four per cent); charities (three per cent); and a board or company (three per cent). Additionally, almost 80 per cent of high-net worth Canadians feel that their children are ready to manage their inherited wealth. This sentiment could perhaps be attributed to educational efforts. Two-thirds (65 per cent) reported that they spend time educating their kids about money matters. “Affluent Canadians value leaving a legacy and will be passing on a significant portion of their wealth to their offspring,” says Yannick Archambault, vice-president and COO, BMO Harris Private Banking. “However, with wealth comes complexity. It’s reassuring to see that so many are taking the time to help their children become more savvy about finances.”