Children from many affluent families are receiving “significant funding” from the “Bank of Mom and Dad” for post-secondary education, a first home and new businesses, a study of high-net-worth households has found. The report, by IG Private Wealth Management, on affluent Canadians and wealth transfer found those with at least $1 million in investable assets have been “reconsidering their finances in ways that prioritize not only their children but the world around them,” a news release Tuesday said.
That includes giving each child, on average, $145,000 towards the purchase of a first home, the report said. For Toronto rich kids, travel is a lifestyle statement. Summer holidays might include European villas, Caribbean resorts, or luxury ski trips in the Alps. Rather than simply vacationing, experiences are curated to showcase taste, sophistication, and status. Private jets, yachts, and first-class flights are commonplace, and social media posts often highlight not just destinations but the lifestyle surrounding them—exclusive restaurants, luxury shopping, and curated adventures.
