Gen Z, millennials relying on 'bank of mom and dad' to meet financial goals — via financialpost GenZ financialgoals
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But while the younger generations are most likely to receive a wealth transfer, they are also the most likely to give one. The study found that 14 per cent of the younger cohorts have initiated a wealth transfer since the beginning of the COVID-19 pandemic in March 2020. That’s in comparison to just one per cent of those aged 35-54 and four per cent of those aged 55 and above.Article content
The reasons behind initiating wealth transfers seem to differ by age. The younger generations used wealth transfers to address immediate needs such as personal financial or economic factors, major purchases and significant life events .
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