How HNW millennials approach philanthropy

Most high-net-worth millennials want to leave a legacy as a way of making a positive difference in the world, a survey from TD Bank Group says.

Of the millennials surveyed, 77% think it’s important to leave a legacy, compared to 33% of baby boomers and 42% of gen-Xers, TD said in a release.

Almost two-thirds of millennials (63%) said they feel they have a duty to leave 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 of philanthropic advisory services at TD Wealth, in a release. “This trend indicates that the philanthropic giving landscape in Canada will be reshaped in the years to come, as these millenni-factors [wealthy millennial benefactors] look for ways to put their assets to work to change the world for the better.”

Despite wanting to make a positive difference in the world, only half (49%) of the millennials surveyed have a will and less than one-third (31%) have a will that’s up to date.

Methodology

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 $500,000+ in investable assets and 310 Canadian business owners with $100,000 in investable assets. Responses were collected between Feb. 20 and March 1, 2018.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.