TD survey reveals wealthy Millennials are more
than twice as likely as wealthy Boomers to feel that leaving a
legacy is important
TORONTO, Nov. 13, 2018 /CNW/ - A generational shift in
attitude is underway when it comes to making a difference, with a
majority of affluent Millennials determined to leave their mark on
the future. According to a recent TD survey of high-net-worth
Canadians, 77 per cent of Millennial respondents believe it's
important to leave a legacy, compared to only 33 per cent of
Boomers and 42 per cent of Gen Xers.
These Millenni-factors – wealthy Millennial benefactors – feel
they have a duty to leave a legacy (63 per cent). The survey also
indicates that other generations of high-net-worth individuals,
including Boomers and Gen Xers, are less likely to report the same
feelings.
"We are definitely seeing significant changes in attitudes
towards leaving a legacy. High-net-worth Millennials stand out
among other demographics for their heightened desire to positively
impact the world," says Jo-Anne
Ryan, Vice President, Philanthropic Advisory Services at TD
Wealth. "This trend indicates that the philanthropic giving
landscape in Canada will be
reshaped in the years to come, as these Millenni-factors look for
ways to put their assets to work to change the world for the
better."
According to the survey, the top three reasons wealthy
Millennials may leave all, or part, of their estate to a charitable
organization include:
- They believe the organization has good intentions (36 per
cent)
- They support the organization's mission (34 per cent)
- They have a personal connection to the organization (26 per
cent)
Although the survey reveals that the majority of Millennial
respondents polled have the desire to make a positive difference in
the world, it also indicates that half (49 per cent) of them don't
have a will and less than a third have a will that is up to date
(31 per cent).
"It doesn't matter how good your intentions are, if you don't
have a will, they may never come to fruition," adds Ryan. "For
Millennials, and indeed all Canadians who have yet to make a will,
it's never too early for estate planning. The same goes for those
who have a will that is not up to date. It is always recommended
that you review your will at 3-5-year intervals, or whenever a
significant life change takes place."
For Canadians interested in leaving some or all of their estate
to charity, TD offers the following tips:
- Where There's a Will…
- If you haven't done so
before, now may be the time to make a will. A will can help give
you control over how your assets will be divided, shaping what your
charitable legacy can be. If you are like many high-net-worth
Millennials, making a lasting difference is important. A financial
advisor can help you maximize the value of charitable
donations.
- When Tomorrow Comes
- As you assess your options
about which organization to leave a bequest, it's important to
think about the causes and charities that matter to you. You may
also want to consider how relevant these causes will continue to be
in the world of tomorrow. No one can predict the future, but you
should spend some time thinking about which long-term change is
most important to you.
- Heir Transparent
- Talk to your heirs, or those
who may assume they will be receiving an inheritance from you. It's
important that you set the expectation that you may be leaving some
or all of your estate to a charitable cause. This can help avoid
conflict and gives you the opportunity to tell them about the
charity(ies) you have chosen and why you believe in its (their)
mission.
- Succession Success
- If you are an
entrepreneur, your business may be part of the legacy you leave
behind. In fact, according to the TD survey, only 44 per cent of
Canadian company owners, with more than $100,000 in investable assets, have a formalized
succession plan for their business. As your business is tied to a
reputation you've worked hard to maintain, developing a succession
plan may help ensure that any future owners of the business
continue to live up to your values and philosophies.
About the TD Millenni-factor Survey
TD Bank Group
commissioned Environics Research Group to conduct a custom survey
of 6,021 Canadians aged 18 and older, which included 593 Canadians
with $500K+ in investable assets and 310 Canadian business owners
with $100K in investable assets.
Responses were collected between February 20
and March 1, 2018.
About TD Bank Group
The Toronto-Dominion Bank
and its subsidiaries are collectively known as TD Bank Group ("TD"
or the "Bank"). TD is the sixth largest bank in North
America by branches and serves more than 25 million customers
in three key businesses operating in a number of locations in
financial centres around the globe: Canadian Retail, including TD
Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD
Insurance; U.S. Retail, including TD Bank, America's Most
Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an
investment in TD Ameritrade; and Wholesale Banking, including TD
Securities. TD also ranks among the world's leading online
financial services firms, with approximately 12 million active
online and mobile customers. TD had CDN$1.3 trillion in
assets on July 31, 2018. The Toronto-Dominion Bank trades
under the symbol "TD" on the Toronto and New York Stock
Exchanges.
SOURCE TD Bank Group