If you are counting on a giantsized windfall from your parents, you might want to think again.

That's the finding of a new Vancity report that concluded while nearly 40 per cent of those between 18 to 34 years old expect an inheritance of over $300,000 from their parents, just 12 per cent of parents anticipate leaving a legacy that big. "There's a gap between what the millennials expect and what may be the reality of what their parents are expecting to leave them," Vancity investment adviser Sophie Salcito said in an interview about the report, titled Great Expectations: Wealth Transfer Between Generations in British Columbia.

"They need to be thinking about doing their own planning, because the bank of mom and dad may run out. If they don't do it, they may have mom and dad back with them or be needing to help them later on."

The report found that a contributing factor to the disconnect may be that fewer than half of parents in the Lower Mainland have spoken with their kids about what to expect in terms of inheritances or wealth transfer.

As well, 60 per cent of B.C. parents surveyed said they have already provided a portion of their wealth to their children, helping with down payments for a house or car, or paying off student loans or other debts.

The report also found: The average inheritance in B.C. in 2012 was $137,800, while the median was just $50,200, suggesting that the vast majority of inheritances were less than $100,000.

The median asset value of B.C. households 65 years and older is about $594,400.

85 per cent of men and 71 per cent of women 18 to 34 expect to receive an inheritance.

66 per cent of B.C. parents expect to leave $100,000 or less to each child.

44 per cent of parents have discussed wealth transfer with a financial planner.

78 per cent of B.C. parents 65 or older have drafted a will.

Eight per cent of B.C. parents have not drafted a will, consulted a wealth planner about inheritance, or talked to their children about financial issues or inheritance.

Salcito said that while it can be difficult for parents to talk with their kids about their death, the state of their finances or potential inheritances, these are important conversations, especially if children have unrealistic expectations or aren't taking responsibility for their own financial future.

She said that a major reason parents aren't too keen on leaving a huge inheritance to their children is that most (60 per cent) have given while still alive.

"I see parents coming in," she said, "withdrawing money, sometimes substantial sums, $100,000 or $200,000, to put toward a property for their child in our expensive market. Or they have been paying off student loans or funding current courses and paying for living expenses. I see a lot of parents covering rent.

"And we're talking about boomers. Currently, 40 per cent of consumer expenditures are still boomers out there. They have never hesitated to go for what they want, and they're juggling all these things. They still want the rental place, the recreational property. They are helping their kids. They are also thinking about health-care costs."

Salcito said another interesting point is that 73 per cent of the children are confident their parents will have the financial resources to support themselves for the rest of their lives.

But, she added, some families have just enough money to get them through retirement.

The report noted that the socalled bank of mom and dad is sitting on $157 billion worth of clear-title real estate in the Lower Mainland alone, and many have also significant nest eggs. It also noted parents in areas other than the Lower Mainland and Vancouver Island were more likely to assist their children.

The survey polled 403 B.C. adults who were older than 65 and parents of at least one child, and 401 B.C. adults who are aged 18 to 34 and have at least one parent aged 65 and over.

bmorton@postmedia.com