B.C. millennials have unrealistic inheritance expectations, report shows
Published Tuesday, March 1, 2016 9:40AM EST
A new survey suggests young Vancouverites are in need of a reality check when it comes to the inheritance they expect to receive from their parents.
Credit union Vancity found 39 per cent of Vancouver millennials are anticipating an inheritance of more than $300,000, while only 12 per cent of parents in the Metro Vancouver area are expecting to leave each of their children that much money.
The survey, released Monday, found that 66 per cent of parents in British Columbia expect to leave $100,000 or less to each of their children.
In 2012, the average inheritance in B.C. was $137,000 while the median was $50,200, suggesting that the vast majority of inheritances were less than $100,000.
"I have no idea why kids are expecting that amount, which is a huge amount," Vancity investment adviser Fred Chalut told CTV Vancouver.
He suggests that millennials, when anticipating future finances, think of their inheritance as a bonus.
"Don't expect money that might or might not be there," Chalut said.
The survey shows that many parents are already helping their millennial-aged children with their finances, with 60 per cent reporting having helped their kids pay off debts or put money towards a down payment for a vehicle or home.
Meanwhile, only 25 per cent of children in the province have reported receiving no support from their parents.