Will the kids be alright if the inheritance never comes?

A national study from the Money Wise Institute reveals Canadian families are facing growing financial and emotional strain due to rising economic pressure, shifting inheritance expectations, and limited use of basic legacy planning tools. 

The research, released as a follow-up to the April report The Age of Broken Conversations, identifies a widening communication gap between generations.  

According to Money Wise, 80 percent of Canadian parents cited the rising cost of living as the main risk to leaving an inheritance.  

Additionally, 57 percent of parents now expect to use most of their wealth in their lifetime, and 22 percent say they feel guilty for prioritizing their own financial security over leaving a legacy. 

Despite this shift, 55 percent of Millennials and Gen Z still expect to receive an inheritance.  

Among those younger Canadians, one quarter say that not receiving an inheritance would impact their financial plans, while 34 percent feel financially unprepared to manage inherited wealth. 

Kelley Keehn, CEO of Money Wise Institute, said there’s a quiet collision of assumptions as parents face rising costs and personal financial uncertainty, while younger Canadians expect wealth that may never materialise.  

She added, “The result isn’t just tension—it’s a breakdown of trust, planning, and emotional connection.” 

April’s release of The Age of Broken Conversations first highlighted a widespread lack of communication, with 80 percent of parents planning to leave an inheritance, but 52 percent not having discussed it with their children.  

The most recent findings suggest that some families are beginning to acknowledge the issue, but many still lack a structured approach. 

Concerns about financial fairness and sibling disputes are also prominent.  

According to the report: 

• 28 percent of parents worry their children won’t responsibly manage an inheritance 
• 45 percent of Millennials and Gen Z believe siblings who already received significant support should inherit less 
• 19 percent of younger respondents have already experienced disagreements with siblings over financial fairness 
• 35 percent of parents have told heirs they may receive less than expected 
• 25 percent have gifted unequally based on need 
• 18 percent fear their wealth distribution will cause family conflict 
• 16 percent have given financial gifts to one child but not others 
• 13 percent have gifted unequally because one child is seen as more responsible 

Kelley Keehn said she is most concerned that six in 10 parents haven’t explored financial tools such as life insurance or structured trusts to help preserve wealth and avoid conflict.  

“In many cases, the legacy itself isn’t the risk—it’s the lack of structure around it that puts families in a vulnerable position,” she said. 

Keehn added that engaging with qualified financial professionals is key to navigating these challenges, noting their role in “guiding families through these conversations and helping build a plan that protects both relationships and long-term financial goals.” 

Gary Teelucksingh, co-founder of the Money Wise Institute, said, “We often say inheritance isn’t just about money—it’s about meaning. But in the absence of structure or planning, even good intentions can create conflict.”  

He emphasized that financial professionals must approach the topic with empathy and clarity to help families protect both their wealth and their relationships. 

These findings come at a time when families are managing continued inflation, market volatility, and tariff threats—pressures that are reshaping longstanding assumptions about legacy, security, and responsibility.