Cost of Living now the top threat to inheritance plans, Canadian study finds

Hamilton Spectator

21-05-2025

TORONTO, May 21, 2025 (GLOBE NEWSWIRE) — A new national study by the Money Wise Institute reveals rising economic pressure, mismatched expectations, and a widespread failure to use basic legacy planning tools—putting Canadian families at financial and emotional risk.
The research comes on the heels of the April Money Wise
report
that found a growing communication gap within Canadian families regarding inheritance. Among the most striking findings in today's report:
'We're seeing a quiet collision of assumptions,' said Kelley Keehn, CEO of Money Wise Institute. 'Parents are dealing with rising costs and personal financial uncertainty, while the next generation of Canadians are quietly counting on wealth that may never come. The result isn't just tension—it's a breakdown of trust, planning, and emotional connection.'
In April's launch of
The Age of Broken Conversations
, research uncovered a widespread communication gap within families. Four-in-five parents said they planned to leave an inheritance, but 52% had not talked with their children about it.
In the weeks since, more families are beginning to confront the reality of wealth transfer—but not always with clarity.
Managing expectations and sibling disputes
Almost three-in-10 parents (28%) worry that their children won't responsibly manage their inheritance. And that is just one of several factors that may cause money disputes among siblings.
'What concerns me most is that six-in-10 parents haven't explored financial tools—like life insurance or structured trusts —that could help preserve wealth and prevent such family conflict,' said Keehn. 'In many cases, the legacy itself isn't the risk—it's the lack of structure around it that puts families in a vulnerable position.'
'That's why it's so essential to work with a qualified financial professional—someone who can guide families through these conversations and help build a plan that protects both relationships and long-term financial goals.'
Navigating emotionally charged conversations
'We often say inheritance isn't just about money—it's about meaning,' says Gary Teelucksingh, Co-Founder of Money Wise Institute and former global financial services CEO. 'But in the absence of structure or planning, even good intentions can create conflict. The reality is that many financial professionals haven't been trained to navigate these emotionally charged conversations. This is a moment for advisors to step in not just with technical solutions, but with empathy and clarity—helping families protect both their wealth and their relationships.'
The research comes as families continue to navigate inflation, market volatility, and an ongoing threat of tariffs—pressures that are reshaping long-held assumptions about legacy, security, and responsibility.
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 and their teams with the training, tools, and research to help guide clients through life's most emotionally complex money moments. Through accredited education, original studies, and advisor/client engagement strategies, MWI helps modernize how the financial industry prepares for—and protects—intergenerational wealth.
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
[e-mail]