Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
A new online survey has found that more than half of Gen Z and millennial Canadians say they need a financial inheritance to reach their goals, including staying personally afloat, buying a house or having a child.
Pollara Strategic Insights surveyed 1,517 adult Canadians between Aug. 15 and 16, to better understand their money transfer habits since the start of the pandemic.
It found that 25 per cent of Canadians aged 18 to 34 had either received or gave a money transfer since March 2020, compared to the national average across all age groups of 14 per cent. While they’re the age cohort most likely to receive money, the survey found they also send more transfers than their older counterparts.
Fourteen per cent of Gen Z and millennials sent money transfers, compared to one per cent of respondents aged between 35 and 54, and four per cent of respondents above the age of 55.
"We've all heard about the 'bank of mom and dad' supporting the younger generation through wealth transfer, but our data demonstrates a strong willingness from the younger generation to return the favour," Julie Petrera, senior strategist at Edward Jones, the financial agency that commissioned the survey, said in a release.
Differences in motivation were also observed to change according to age.
Younger generations used wealth transfers to meet immediate demands. These include those related to: personal finances (38 per cent) including job loss or health expenses; the economy (33 per cent), including inflation; large purchases (25 per cent) including home or car purchases; and big life events (18 per cent) such as having a child.
The death of a family member or acquaintance accounted for 51 per cent of wealth transfers for the older cohorts (those aged 55 and over) and 63 per cent for those aged 35 to 54. When compared, this reason only accounted for 28 per cent of millennials and Gen Z respondents.
A report last year from IG Wealth Management found that 72 per cent of parents surveyed were willing to help their children purchase a first home, giving an average of $145,000 per child.
The majority of Canadians (54 per cent) are aiming to leave an inheritance, or at least a portion of one, during their lifetime, according to the recent survey. Making sure their inheritance is dispersed without contention (34 per cent) and providing immediate financial comfort to a friend or family member are the two variables most likely to have an impact on this choice (27 per cent).
However, this represents a significant drop from last year, when 65 per cent of Canadians said they wanted to leave an inheritance.
As inflation in Canada remains high, it has also been found that younger Canadians have been taking many financial hits.
A survey last month by Finder.com found that 27 per cent of millennials aged 27 to 41 reported taking on debt to pay off their expenses, followed closely by 26 per cent of Gen Z respondents aged 18 to 26.
Gen Z respondents were four times more likely to consider moving for lower housing costs than Boomers, at 12 per cent compared to three per cent.
"(The survey’s results) are a timely reminder that our strategic approach to finances shouldn't be defined by what's considered normal or traditional, but by what matters most to you,” Petrera said.
“Your unique circumstances, goals, and priorities should be the foundation for these significant financial decisions.”
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
Boeing said Wednesday that it lost US$355 million on falling revenue in the first quarter, another sign of the crisis gripping the aircraft manufacturer as it faces increasing scrutiny over the safety of its planes and accusations of shoddy work from a growing number of whistleblowers.
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
It's no secret that spring can be a tumultuous time for Canadian weather, and as an unseasonably mild El Nino winter gives way to summer, there's bound to be a few swings in temperature that seem out of the ordinary. From Ontario to the Atlantic, though, this week is about to feel a little erratic.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.