Beyond Wealth: Why Canadians Are Rethinking What They Leave Behind

New Edward Jones research reveals the legacy Canadians want and the barriers they face

TORONTO, Oct. 21, 2025 /CNW/ - Canadians are redefining what it means to leave a legacy. It's no longer just about wealth, it's about meaning. While 59 per cent still prioritize providing loved ones with financial security, new polling from Edward Jones Canada shows a broader vision emerging. Half of Canadians (50%) want to pass on life lessons and 32 per cent value sharing family traditions, reflecting a shift toward leaving something behind more meaningful than just assets.

Most Canadians plan to leave their inheritance to immediate family (70%), with a quarter (24%) including extended family and one-in-ten to close friends. However, inheritance preferences shift with age, revealing generational differences in how Canadians view family and friendship. In fact:

• Among Canadians aged 55 and older, 80 per cent say they plan to leave their inheritance to immediate family, compared to 69 per cent of those aged 35-54 and only 57 per cent of those 18-34.
• Younger adults are more likely to name close friends (17%), versus 9 per cent of those aged 35-54 and just 6 per cent of those 55 and older.

"Legacy is no longer defined solely by wealth," says Tracey McLennan, Director, Client Consultation Group, Edward Jones Canada. "While Canadians still want to provide financial security for their families, they're also focused on passing down values, traditions and shared experiences. Legacy planning is becoming a more intentional process, one that blends meaning with money to leave a lasting impact across generations."

The survey also reveals that Canadians continue to embrace the idea of giving while living, with half (50%) expressing a desire to leave part of their inheritance before they die, allowing them to shape their legacy with purpose and witness its impact firsthand. This aligns with findings from a 2022 Edward Jones survey, in which 54 per cent of respondents expressed the same intention. In the latest survey, supporting housing needs tops the list, with 57 per cent wanting to help loved ones with homeownership. Others aim to assist with unexpected expenses (36%), create meaningful family experiences (32%), or support ongoing financial needs of young family members like daycare and education (31%). Notably, women are much more likely than men to prioritize creating opportunities for experiences or memories such as taking a family vacation (40% versus 22% of men).

Financial challenges are also influencing how Canadians think about legacy. Half (50%) report that economic uncertainty has changed their outlook, a third (33%) are more cautious, prioritizing their financial security first, and 12 per cent feel discouraged that they may not leave behind what they had hoped. Among younger Canadians (18-34), the impact is even greater, with 57 per cent saying economic pressures have reshaped their perspective on leaving a legacy.

Even as Canadians place high importance on leaving a meaningful legacy, the process often raises more questions than answers. In fact, 29 per cent say ensuring their wishes are clearly documented is the biggest barrier they face in legacy planning, while one-quarter (25%) admit they have not yet thought about what legacy means to them. And while aging comes with a greater focus on legacy planning, for many Canadians, key obstacles still stand in the way.

For example, key concerns for those 55 and older include:

• Ensuring their wishes are clearly documented (44%)
• Balancing financial needs with personal values (28%)
• Navigating family dynamics or potential conflicts (15%).

Interestingly, many Canadians rely on those around them for guidance, despite the need for specialized insight, comprehensive planning and advice, risking the very legacy they hope to preserve.  The survey shows the value of advice from friends and family is on par as that of professionals, with one-third saying they would look to friends and family (31%), financial advisors (31%) or to lawyers/estate planners (30%). At the same time, younger Canadians (18-34) are least likely to consult financial advisors, while those 55+ are most likely to seek no guidance at all.

"While Canadians are placing greater emphasis on meaning in their legacy, many feel uncertain about articulate and plan for it," says Julie Petrera, Director of Financial Planning, Edward Jones Canada. "Whether it's formally documenting wishes, navigating family dynamics, or balancing personal and financial values, the process can be complex. Professional guidance plays a vital role in helping Canadians move from intention to action, ensuring their legacy reflects what matters most to them."

About the research

Between September 5 and 8, 2025, 1,512 adult Canadians, 18 years of age or older participated in the online survey by Pollara Strategic Insights. A representative sample of this size would be considered accurate to within ±2.5%, 19 times out of 20. Results have been weighted using the latest Stats Can data to be representative of the Canada population as a whole. 

About Edward Jones Canada

Edward Jones is a full-service investment dealer which provides a range of investment products, services, and solutions to retail investors. We have more than 870 financial advisors in Canadian communities from coast-to-coast. A member of the Canadian Investment Regulatory Organization and the Canadian Investor Protection Fund, the firm is also a participating organization in the Toronto Stock Exchange. For more information, visit edwardjones.ca.

SOURCE Edward Jones

Media Contact: Darryl Konynenbelt, Edward Jones Public Relations, [email protected]; Adam McPhail, Proof Strategies for Edward Jones, [email protected]