More now see legacy as passing on values, lessons, and experiences, not just wealth
Canadians are rethinking what it means to leave a legacy with many saying it goes far beyond money, according to new research from Edward Jones Canada.
The study shows that while financial security remains important, a growing number are focused on leaving behind purpose, wisdom, and shared experiences. It reveals that 59% of Canadians still prioritize providing loved ones with financial stability, but half hope to pass on life lessons, and a third see preserving family traditions as central to their legacy.
The survey results mark a notable evolution from purely financial inheritance toward a more holistic view of what endures across generations.
Seven in ten Canadians who took part said that they plan to leave assets to immediate family, while 24% will include extended relatives and 10% intend to gift close friends. But preferences shift by generation.
Among Canadians aged 55 and up, 80% plan to leave wealth to immediate family, compared to 69% of those 35-54 and just 57% of those 18-34. Younger Canadians are more likely to extend their generosity to friends, with 17% including them, versus 9% of middle-aged adults and 6% of older ones.
“Legacy is no longer defined solely by wealth,” says Tracey McLennan, director, Client Consultation Group, Edward Jones Canada. “While Canadians still want to provide financial security for their families, they’re also focused on passing down values, traditions and shared experiences. Legacy planning is becoming a more intentional process, one that blends meaning with money to leave a lasting impact across generations.”
Half of Canadians say they would prefer to share part of their inheritance during their lifetime, consistent with a 2022 Edward Jones survey where 54% expressed the same.
By giving now, they can watch their impact unfold and supporting housing needs leads the way with 57% wanting to help loved ones purchase a home. Others aim to assist with unexpected costs (36%), create family experiences (32%), or help cover child care and education (31%).
Women are far more likely to prioritize family experiences such as vacations (40% compared to 22% of men) highlighting how emotional connections increasingly shape legacy planning.
Financial uncertainty is influencing Canadians’ approach to legacy planning with 50% saying that current economic conditions have altered their outlook and a third adopting a more cautious stance, while 12% were discouraged about what they’ll ultimately leave behind.
Younger Canadians feel this most acutely: 57% of those aged 18–34 report that economic challenges have changed their perspective on legacy altogether.
Despite the desire to leave something meaningful, many Canadians admit they haven’t fully mapped out their plans.
Around one in three cite unclear documentation as their biggest obstacle, and a quarter haven’t yet defined what legacy means to them. Among older Canadians, the top concerns are ensuring wishes are properly recorded (44%), balancing finances with personal values (28%), and managing family conflict (15%).
Interestingly, Canadians are as likely to seek advice from friends and family as from professionals (31% each) while 30% would consult lawyers or estate planners. Younger adults are the least likely to work with a financial advisor, and those 55 and older are most likely to go it alone.
“While Canadians are placing greater emphasis on meaning in their legacy, many feel uncertain about articulate and plan for it,” says Julie Petrera, director of Financial Planning, Edward Jones Canada. “Whether it’s formally documenting wishes, navigating family dynamics, or balancing personal and financial values, the process can be complex. Professional guidance plays a vital role in helping Canadians move from intention to action, ensuring their legacy reflects what matters most to them.”A
