Millennials are not inclined to get financial help or professional advice after receiving an inheritance, a survey from TD Bank says.
The survey found that 83% of millennials who have received or expect to receive an inheritance feel confident in their ability to manage the gift. But almost half of those (46%) who have received an inheritance wish they had received professional advice on managing it.
The “largest ever” intergenerational transfer of wealth is anticipated in the coming years, TD says.
“Managing an inheritance can be incredibly overwhelming, especially for those millennials who are typically not as well-versed in managing larger sums of money or assets,” said Jeet Dhillon, senior portfolio manager at TD Wealth, in a release.
Of those surveyed, four in ten (41%) expect to receive or have received an inheritance. Of that 41%, six in ten (60%) expect to receive cash, while slightly more than half (53%) anticipate inheriting a property or the proceeds from the sale of a property.
Methodology: TD Bank Group commissioned Environics Research Group to conduct a custom survey of 6,021 Canadians aged 18 and older. Responses were collected between February 20 and March 1, 2018. This report includes questions asked to 3,028 Canadians, of which 687 are Millennials, who have received or anticipate receiving an inheritance in the future.