WealthTransfer
WealthTransfer estimates the likelihood that a household will receive an inheritance in a given year, providing insight into a source of wealth that can influence financial well-being and purchasing potential. WealthTransfer variables can support segmentation, market analysis and trade area planning. The dataset also includes a score and index that make it easy to rank customers, markets and postal codes or incorporate inheritance potential into analytical models.
The data are developed using inputs from Statistics Canada's Survey of Financial Security (SFS) and modelled to the postal code level using demographic and economic variables from Environics Analytics' data assets.
WealthTransfer helps financial institutions, insurance providers, real estate organizations, retailers and automotive dealerships identify emerging market opportunities and better understand households with future wealth potential.
WealthTransfer is available for postal code and census geographies across Canada. Users of ENVISION can access WealthTransfer through profiles, rankings, dashboards and maps.
What’s New?
WealthTransfer has been updated with an enhanced methodology that provides a more accurate view of inheritance potential across Canada. The updated approach better reflects the full range of inheritance outcomes, from smaller inheritances to larger wealth transfers, helping organizations identify future wealth opportunities with greater confidence.
The model has also been refreshed using the latest available data from Statistics Canada's Survey of Financial Security, including the 2023 release. By incorporating additional years of source data, WealthTransfer delivers a more current view of inheritance patterns and wealth transfer trends across Canadian households.
The enhanced methodology improves differentiation across both lower- and higher-value inheritance opportunities, providing a clearer view of potential wealth transfer at the local level. WealthTransfer estimates inheritances received following the death of an individual and does not include gifts or other transfers made during a person's lifetime.
How it’s used
- Non-profit organizations can use WealthTransfer to identify or score donors who are most likely to receive an inheritance.
- Big-ticket retailers and car dealerships can use WealthTransfer to identify neighbourhoods and segments that are likely to improve their household financial position through inheritances. These individuals may be more likely to use part of their inheritance to make luxury purchases even though their disposable income would normally prevent them from doing so.
- Banks can use WealthTransfer to identify clientele and neighbourhoods that are likely to receive an inheritance. Younger populations may be receiving inheritance early and that money is used for down-payments on new homes or condos whereas older populations may be receiving inheritance due to death and might use that money to pay down debts or make big-ticket purchases.
Sample questions it can answer
- What is the average inheritance potential within my trade area?
- What customers, donors or neighbourhoods are most likely to receive an inheritance?
- What segments have the highest inheritance incidence rates and what is their average inheritance?
- Which areas of the city have higher inheritance rates?
Ready to turn data into actionable insights for your business?
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