June 3, 2024
Where there’s a will, there’s a way. But what if there is no will? In our recent survey we discovered that fewer than half of Canadians currently have a will and testament (43%), while 53% are without and 4% remain unsure.
Closer inspection shows results differ significantly by age, with 64% of Boomers (ages 55+) having a will compared to 34% of Gen X (ages 35-54), 23% of Millennials (ages 25-34) and just 18% of Gen Z (ages 18-24).
Among those without a will, 34% have plans to get one in the next year while 37% have no plans and 29% remain unsure. Gen Z and Millennials appear to be in no rush to begin estate planning, with 58% of Gen Z and 53% of Millennials saying they are not planning on getting a will within the next year. While not explored in our survey, some factors likely influencing Canadians’ decision to get a will may include a lack of perceived importance in the context of health and youth, a lack of awareness, procrastination, the size of one’s estate, and the overall cost of having a will created.
It also appears Canadians are “will”ing to take advantage of online DIY will providers, which have been available since some companies produced their first digital wills in December 2021. Roughly one quarter of Canadians with wills created these documents themselves using a self-help tool or a kit, compared to 76% who used a professional.
Results are from an online survey conducted in partnership between Narrative Research and the Logit Group. The survey was conducted between May 7 and May 14, 2024 with 1,230 Canadians, 18 years of age or older from the Logit Group’s online Canadian Omnibus. Data were weighted based on the 2016 Census, by gender, age, and region to reflect actual population distribution, and data tables are available upon request.
For more information, please contact:
Margaret Chapman, COO & Partner, Narrative Research – 902.493.3834, mchapman@narrativeresearch.ca
OR
Sam Pisani, Managing Partner, Logit Group – 416.629.4116, sam.pisani@logitgroup.com
Narrative Research (www.narrativeresearch.ca), is a non-partisan, 100% Canadian-owned, research company, certified as a Women Business Enterprise (WBE). Narrative Research provides clients with state-of-the-art research and strategic consulting services.
The Logit Group (https://logitgroup.com/) is a leading North American data collection and market research execution company headquartered in Toronto, conducting large-scale projects for a variety of well-known research agencies and brands. Logit employs industry-best technologies across an array of methodologies, and is independent, experienced and quality-oriented.
Data tables are available upon request.
