Bucket list versus inheritance? Canadian seniors pick wish list

HomEquity Bank teams with Ipsos Canada to study Seniors' Views of Inheritance  

TORONTO, Sept. 28, 2016 /CNW/ - When it comes to bucket list versus inheritance, Canadian seniors have spoken: 86% are unwilling to forgo doing, achieving or acquiring something in order to provide a larger inheritance to their adult children.

That's according to the results of an August, 2016 Seniors' Views of Inheritance study conducted by HomEquity Bank and Ipsos Canada.

"Seniors are not feeling pressured about leaving an inheritance," explains Yvonne Ziomecki, SVP, HomEquity Bank. "They're very comfortable with wanting to enjoy their retirement. And, with the majority of our clients, they know there will still be an inheritance that will go to their children. In fact, on average, our clients have more than 50% of the equity left in their homes at the time of sale."

According to the Canadian government's Office of Consumer Affairs, spending by senior husband-wife households (typically without children at home) grew the fastest from 1997 to 2002, increasing at an average annual rate of 4.7 percent.

Here, below, are the key findings of the Seniors' Views of Inheritance study:

  • 86% of Canadians aged 55+ would not give up doing, achieving or acquiring something in order for their children to receive a larger inheritance
  • 62% of Canadians aged 55+ are not very concerned about ensuring there is an inheritance left for their children after they have supported their own needs and wants. Older Canadians aged 65+ feel even more strongly, with 71% stating they are not very concerned about leaving an inheritance
  • 19% of Canadians aged 55+ still have a child who depends on them financially; and, statistics show this is more prevalent for those with a post-secondary (26%) or University education (24%)

"Canadian seniors are willing to tap into the equity of their home to help finance their lifestyle. They've watched the value of their home increase dramatically and they are accessing this equity to enhance their golden years," adds Ms. Ziomecki.

The Seniors' Views of Inheritance poll was conducted by Ipsos Canada from August 22-24, 2016 on behalf of HomEquity Bank.  A sample of 750 Canadians aged 55+ who have any children (including adult children) self-completed surveys online.  The results are weighted to balance demographics to ensure the sample's composition reflects that of the age 55+ population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±4.1 percentage points had all Canadian adults age 55+ with any children been polled.  The credibility interval will be wider among subsets of the population.  All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error, and measurement error.

HomEquity Bank, the only Canadian bank working exclusively with seniors, helps elderly people remain in their homes through its CHIP reverse mortgage solution www.chip.ca. Seniors can supplement their income via reverse mortgage monthly or lump sum payments.

About HomEquity Bank

HomEquity Bank is a Schedule 1 Canadian Bank offering the CHIP reverse mortgage solution www.chip.ca.  It was founded 30 years ago as an annuity based solution addressing the financial needs of Canadians who want to access the equity of their top asset – their home. 

About Ipsos Canada

Ipsos is one of the world's largest independent market research companies. Its commitment to driving the industry with innovative, best in class research techniques that are meaningful in today's connected society is a primary goal. www.ipsos.ca/en/about-ipsos  

SOURCE HomEquity Bank

Image with caption: "HomEquity Bank (CNW Group/HomEquity Bank)". Image available at: https://photos.newswire.ca/images/download/20160928_C6067_PHOTO_EN_783768.jpg

For further information: Teresa Donia, iAMBIC Communications, teresa@iambic.ca, 905-508-5550; Yvonne Ziomecki, Senior Vice President, Marketing and Sales, HomEquity Bank, mediainquiries@homequitybank.ca, 647-723-6812

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