Posthaste: Gen Z, millennials relying on ‘bank of mom and dad’ to meet financial goals
“We’ve all heard about the ‘bank of mom and dad’ supporting the younger generation through wealth transfer, but our data demonstrates a strong willingness from the younger generation to return the favour,” Julie Petrera, senior strategist of client needs at Edward Jones Canada, said in a press release. “It is a timely reminder that our strategic approach to finances shouldn’t be defined by what’s considered normal or traditional, but by what matters most to you. Your unique circumstances, goals, and priorities should be the foundation for these significant financial decisions.”
Overall, a quarter of gen Z and millennials have given and/or received a wealth transfer since the start of the pandemic, which is 11 per cent above the national average.