Retirement planning has long centred on building assets, but Canadians are now broadening the idea of what it means to leave something behind.
According to a new survey from Edward Jones Canada, half of Canadians (50%) indicate they plan to give part of their inheritance while still alive, choosing to shape their legacy through support such as housing assistance, education or travel experiences, rather than simply through future wealth transfer (1).
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For younger adults aged 18-34, 57% say economic uncertainty has already shifted how they think about what they’ll leave behind.
“Legacy is no longer defined solely by wealth,” said Tracey McLennan, Director at Edward Jones Canada’s Client Consultation Group, in a release. “While Canadians still want to provide financial security for their families, they’re also focused on creating something meaningful that outlives the money.”
A shift from dollars to meaning
The Edward Jones survey identifies a generational rebalancing of legacy priorities. While immediate family remain the principal beneficiaries (70%), younger Canadians are more likely than older peers to include friends (17% among 18–34-year-olds versus 6% of those 55+).
In addition to who inherits, the when and how are also evolving.
Fifty-six percent of respondents want to provide support while alive, not just after death. Helping with home purchases (57%), covering education or childcare (31%), and enabling shared family experiences (32%) all feature strongly.
This pivot mirrors broader wealth-and-savings trends in Canada. According to Statistics Canada, the household saving rate dropped to 5.7% in Q1 2025, the lowest since early 2024 — which suggests many households are relying more on existing assets and making more deliberate decisions about what they’ll leave behind (2).
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Economic pressures reshape what’s left behind
In the survey, 50% of Canadians say uncertainty about the economy has changed how they view legacy planning; 33% report becoming more cautious; 12% feel discouraged about leaving the desired legacy. Among younger Canadians (18-34), 57% report these pressures.
Meanwhile, data show the wealth gap in Canada remains substantial. In Q1 2025, the top 20% of households held nearly 65% of net worth, while the youngest households (under 35) saw the slowest growth in wealth (+0.5%) (3). These dynamics mean many Canadians are rethinking legacy not as simply asset transfer but as making an impact while they can.
And that shift could have implications for retirement planning. As McLennan noted, “Supporting housing needs, education, or meaningful family experiences” are now high on the list, suggesting retirement-age Canadians may shift resources from purely wealth accumulation toward legacy goals.
Planning a legacy means more than writing a will
Despite high interest in meaningful legacy-planning, the barriers are real. The Edward Jones study found that 29% of Canadians say the biggest hurdle is clearly documenting their wishes, and 25% admit they haven’t yet thought about what legacy means to them.
Among Canadians over 55, 44% cite documentation issues, 28% point to balancing values and financial needs, and 15% worry about family dynamics.
“Whether it’s formally documenting wishes, navigating family dynamics, or balancing personal and financial values, the process can be complex,” said Julie Petrera, Director of Financial Planning at Edward Jones Canada, in a statement (4).
“Professional guidance plays a vital role in helping Canadians move from intention to action, ensuring their legacy reflects what matters most to them.”
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Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Newswire (1, 4); Statistics Canada(2, 3)
This article originally appeared on Money.ca under the title: Rethinking retirement legacy: Canadians focus on more meaningful wealth transfers
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.