The Millenni-factors: Wealthy Millennials have the will to change the world
5 minute read
5 minute read
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:
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:
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