Single parents are most prepared to transfer their wealth, according to an RBC survey of families in Canada, the U.K. and U.S.
RBC found that 38% of single-parent families have a comprehensive wealth transfer strategy, compared to 26% for nuclear families and 24% for blended families (those that have children from current and previous relationships).
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“This is likely attributable to single parents having a simpler family structure, which makes the wealth planning process more straightforward—and more imperative,” RBC said in a new report on the data.
The survey found families are increasingly diverse, with 1 in 5 people coming from non-nuclear families such as blended and single-parent. It said 37% of blended families haven’t started planning — even as they have a greater need for a wealth transfer plan.
A majority of the respondents, 57%, identified themselves as nuclear households, defined as two people, either heterosexual or same-sex, with children.
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The data is based on a survey of 1,770 individuals who identified as heads of nuclear families, 219 individuals who identified as single parents, and 274 individuals who identified as heads of blended families. They had collective investable assets of US$4.3 million, US$4.9 million and US$5.3 million, respectively. The regional breakdown was 164 Canadian respondents, 145 U.K. and 184 U.S.