VANCOUVER, B.C.–A new survey here has found a lot of young people are going to be disappointed when it comes to reading the will.
The survey, conducted by Vancity Credit Union, found that 39% of Millennials in Vancouver anticipate they will eventually inherit more than $300,000, while just 12% of parents in the Metro Vancouver area said they anticipate leaving each of their children that much money.
Indeed, the survey found that 66% of parents in British Columbia expect to leave $100,000 or less to each of their children.
According to Vancity, in 2012, the average inheritance in B.C. was $137,000, while the median was $50,200, suggesting that the vast majority of inheritances were less than $100,000.
"I have no idea why kids are expecting that amount, which is a huge amount," Vancity investment adviser Fred Chalut told CTV Vancouver.
Chalut urged Millennials, when anticipating future finances, to think of their inheritance as a bonus.
The survey also found that many parents are already helping their Millennial-aged children with their finances, with 60% reporting having helped their kids pay off debts or put money towards a down payment for a vehicle or home.
Meanwhile, only 25% of children in the province have reported receiving no support from their parents.