Maybe it’s because they don’t know how much will be left?
It can be a tough conversation for a parent to discuss their death with their children, but wealth transfer may happen before that inevitable event, so why are families not having the conversation?
A new survey from the Money Wise Institute has found that half of Canadian parents have not discussed inheritance with their kids, despite the largest ever intergenerational wealth transfer. But perhaps the pressures of tariffs, inflation, and other economic uncertainty is changing how families view financial matters?
“We’re about to witness the largest wealth transfer in Canadian history—but families aren’t talking about it,” says Kelley Keehn, CEO and co-founder of Money Wise Institute and best-selling author of Talk Money to Me. “This silence is creating financial stress, broken expectations, and missed opportunities for both families and the financial professionals who support them.”
Managing expectations is intensifying the anxiety of parents with 21% expressing guilt about prioritizing their own financial security over leaving a legacy for heirs and a quarter saying they are concerned that their heirs won’t manage their inheritance wisely.
That last point may be valid, given that the research found that two thirds of Millennials and Gen Zs don’t have a financial advisor and a third do not trust them. That said, 67% said they would switch from online financial tools to a human advisor if fees were lower and advice was personalized.
But while parents are keeping quiet, heirs say they would rather talk about the family fortune now rather than be surprised later on. Part of this opinion may be the potential for tax implications of some inherited assets which is harder to prepare for without an idea of what may be involved.
“Inheritance isn’t just a financial transaction—it’s emotional, personal, and often tied to identity, values, and legacy,” says Gary Teelucksingh, co-founder of Money Wise Institute. “Financial professionals need the tools, training, and language to guide these conversations with empathy and expertise.”
