Tariffs, Tension, and the Talk That’s Not Happening
Why families aren’t discussing inheritance—and what it means for the financial industry
We are entering the largest wealth transfer in Canadian history.
And yet, most families aren’t talking about it.
At Money Wise Institute, we just released a new national study that reveals a silent crisis taking place across kitchen tables and client meetings alike. Titled The Age of Broken Conversations, our research shows a startling disconnect between what Canadian families plan for—and what they actually say out loud.
The findings speak volumes:
80% of parents say they plan to leave an inheritance
But 52% haven’t discussed those plans with their children
Meanwhile, 51% of Millennials and Gen Z expect to inherit, though 80% don’t know how much or when
This isn’t just a gap in communication—it’s a breakdown in trust, planning, and financial confidence. And it’s happening against a backdrop of increasing financial pressure.
The Economic Backdrop: A Perfect Storm
New 25% tariffs on imported vehicles and other goods are adding to an already strained cost-of-living environment. Families are quietly reassessing their financial priorities. Wealth once assumed to be passed down may now be redirected toward everyday needs or long-term care.
25% of parents have already told their children to expect less.
21% say they feel guilty prioritizing their own financial security over leaving an inheritance.
The numbers reveal something deeper: a shared discomfort with addressing money, mortality, and fairness.
Silence Isn’t Neutral—It’s Costly
This generational disconnect is more than financial—it’s emotional. Grown children are quietly relying on inheritance to fill financial gaps. Parents are unsure how to navigate complex dynamics, like unequal gifting or perceived responsibility.
And yet, as our research found, many would welcome guidance:
67% of Millennials and Gen Z would prefer to have open conversations about inheritance now, rather than be surprised later.
40% say they’d feel more financially prepared if a financial professional helped facilitate the conversation.
A Call to the Financial Industry
At Money Wise Institute, we believe financial professionals are uniquely positioned to bridge this silence. But it requires more than technical knowledge—it requires emotional intelligence, cultural sensitivity, and confidence in guiding hard conversations.
We designed this research not just to raise awareness, but to start action.
That means:
Equipping advisors with real-world language and tools to facilitate meaningful dialogue
Helping institutions integrate training that reflects the emotional realities of their clients
Providing insight into the evolving expectations of the next generation of wealth holders
Silence has a cost. But the right conversation, at the right time, can preserve trust, strengthen families, and build lasting legacies.
We’re proud to lead that change.
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Read the full press release here: Tariffs, Tension, and the Talk that’s not happening: Half of Canadian parents haven’t discussed inheritance plans with their children
Join us for our free April 22 webinar, hosted by Globe Advisor editor Pablo Fuchs, as we unpack the findings and offer actionable strategies for financial professionals. (2) Broken Conversations: What Families Aren’t Saying About Inheritance | LinkedIn