VANCOUVER (NEWS 1130) – Millennials stand to inherit the most of any generation before them thanks to their baby boomer parents, but many of them are doing precious little in the way of financial planning according to a recent survey from TD Bank.
Seventy-nine per cent of millennials who either are getting an inheritance or had got one already felt confident in their ability to manage their windfall.
“But when you asked the people who actually received an inheritance already, almost half of them wished they had sought professional advice on how to manage the new wealth that they had,” says Senior Portfolio Manager Jeet Dhillon who adds a simple sliver of respondents said they had had a conversation with their parents about their inheritance.
“Only about nine per cent of the people that were surveyed said that they had discussed the inheritance with the people that they were inheriting from, so there is definitely not that communication that is happening or that needs to happen.”
Her advice? There’s no harm in seeking assistance from someone who knows how to handle money.
“Work with a trusted advisor so that they can help give them the discipline to make sure that money is managed for them,” she says.
Dhillon adds the survey also shows that millennials getting inheritances are putting that money to good use, investing in a home or their own retirement funds.