Inheritance planning needs a major shift to match Millennials' views

Canada Life says advisers have the opportunity to bridge a gap

Hope William-Smith
clock • 2 min read

Significant generational differences in how younger clients want their money to be used will have a significant impact on traditional inheritance planning, Canada Life says.

Research from the assurer's ‘Long-Term Close Up' campaign found emerging demographic shifts are influencing passing down wealth - the top priority for UK adults when it comes to legacy planning. Nearly half (46%) of UK adults told Canada Life that providing financial security for family was ‘very important' with subsequent intergenerational wealth transfer planning coming out as more important than leaving property and organising lump sums or investments for inheritance. However, the research found that Millennials want their legacy to lead to a more equal society, with 40% stating th...

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