The inter-generational transfer of wealth is taking on some new dimensions.
In recent years the talk has been about the trillion-dollar transfer of wealth that will occur with the departure of the Boomer Generation but it seems that sometimes money flows both directions.
A new report from BMO Bank of Montreal explored the relationship different generations are having when it comes to money. Some are passing it down. Others are passing it up.
Roughly three-quarters of the parents and grandparents surveyed for the bank’s regular Real Financial Progress Index said they intended to leave an inheritance for their offspring but almost half said they may also help their kids make ends meet in the coming year as many Canadians are now counting on intergenerational help to pay for everything from childcare to mortgages.
About half of those in the younger generations expect to get an inheritance but, it seems, some may be disappointed as 20-percent of older people will likely leave debts behind and half believe they will have to help support their parents as they age.
