The Millenni-Factors: Wealthy Millennials Are More Likely Than Wealthy Boomers To Feel Leaving A Legacy Is Important

A generational shift in attitude is underway when it comes to making a difference, with a majority of affluent Millennials determined to leave their mark on the future. According to a recent TD survey of high-net-worth Canadians, 77 percent of Millennial respondents believe it’s important to leave a legacy, compared to only 33 percent of Boomers and 42 percent of Gen Xers.

These Millenni-factors – wealthy Millennial benefactors – feel they have a duty to leave a legacy (63%). The survey also indicates that other generations of high-net-worth individuals, including Boomers and Gen Xers, are less likely to report having the same feelings.

77% of Millennial respondents believe it’s important to leave a legacy, compared to only 33% of Boomers

“We are definitely seeing significant changes in attitudes towards leaving a legacy. High-net-worth Millennials stand out among other demographics for their heightened desire to positively impact the world,” says Jo-Anne Ryan, Vice President, Philanthropic Advisory Services at TD Wealth. “This trend indicates that the philanthropic giving landscape in Canada will be reshaped in the years to come, as these Millenni-factors look for ways to put their assets to work to change the world for the better.”

According to the survey, the top three reasons wealthy Millennials may leave all, or part, of their estate to a charitable organization include:

  1. They believe the organization has good intentions (36%)
  2. They support the organization’s mission (34%)
  3. They have a personal connection to the organization (26%)

Although the survey reveals that the majority of Millennials polled have a desire to make a positive difference in the world, it also indicates that half (49%) of them don’t have a will and less than a third have a will that is up-to-date (31%).

“It doesn’t matter how good your intentions are, if you don’t have a will, they may never come to fruition,” adds Ryan. “For Millennials, and indeed all Canadians who have yet to make a will, it’s never too early for estate planning. The same goes for those who have a will that is not up to date. It is always recommended that you review your will at 3-5-year intervals, or whenever a significant life change takes place.”

 

About the TD Millenni-factor Survey

TD Bank Group commissioned Environics Research to conduct a custom survey of 6,021 Canadians aged 18 and older, which included 593 Canadians with $500K+ in investable assets and 310 business owners with $100K in investable assets. Responses were collected between February 20 and March 1, 2018.

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