As population ages, more Canadians find themselves in caregiving role

More than one-quarter of Canadians over age 30 provide care for an elderly family member, which could lead to financial strain in the decades ahead, a survey from the Angus Reid Institute finds.

While 26% of Canadians older than 30 say they’re already providing care, another 33% said they expect to do so in the future, the survey said.

Nearly three in 10 caregivers (28%) say they’re concerned that they or the person they care for won’t be able to afford care. Of those currently providing care, 47% say they’re making “real sacrifices” to juggle their care-taking responsibilities with their daily routine, the survey found.

Women and lower-income caregivers are more likely to say their caregiving responsibilities have had a major effect on their daily lives.

“This presents an acute public policy challenge, one that could put increasing financial and emotional strain on Canadian seniors and their caregivers in the decades to come,” the study stated.

Canada’s 2016 census revealed that, for the first time, seniors outnumbered children.

The online survey was conducted from April 9-16, 2019, among a representative randomized sample of 3,049 Canadians aged 30 and older who are members of the Angus Reid Forum. Read the full survey results here.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.