Caring for aging parents costs Canadians $33B a year
Expenses can add up to $3,300 per year
Why are mortgages so expensive in Canada?
Created By
Ratehub.ca
TORONTO — Caring for aging parents costs Canadians $33 billion a year in direct out-of-pocket expenses and time off work, a new study by CIBC says.
The report also says that number will only increase over the next decade, as the share of Canadians aged 65 and older grows from its current level of 17 per cent to roughly 22 per cent.
Findings from the poll suggest close to two million Canadians, or 14 per cent of those with parents over the age of 65, incur care-related out-of pocket costs of $3,300 per year —translating into an annual cost of just over $6 billion.
But direct costs pale in comparison to labour-related costs, in which close to 30 per cent of workers with parents over the age of 65 sacrifice about 450 working hours annually – accounting for roughly $27 billion of lost income or foregone vacation time.
CIBC’s online survey was conducted from March 16-20 among Canadian adults who are Angus Reid Forum panellists.
The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.
“An aging population combined with longer life spans and strained social services has in recent years seen more and more Canadians taking on the role of caregiver for their aging parents, and in the coming years, that tendency is only likely to intensify,” said CIBC deputy chief economist Benjamin Tal in a statement.
“Add in the fact that costs associated with the elderly are already rising faster than the pace of inflation because of the high demand for such goods and services, and you can see that this will be a major concern for a growing number of Canadians in the years to come.”
MORE ABOUT AGING:
- Looking after mom and dad
- Money in retirement: Don’t rely on the kids
- ‘Sandwich generation’ perks and pitfalls
- Choose the right retirement community
- The suburbs aren’t the best place to grow old
- Co-housing offers independence and support for seniors
- Respite care: How caregivers get a break
- Caring for aging parents
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Related Articles
Canada’s inflation rate increased to 2% in October
Canada’s inflation rate rose to 2% last month, up from 1.6% in September, but a December interest-rate cut is...
Inflation is on target in Canada, so why is food (and other stuff) still so expensive?
Why Canadians are still feeling the squeeze of high food costs, and what to do about it.
MoneySense at the MoneyShow: Capital gains and ETF sessions
Here’s how to get your free ticket to attend two MoneyShow virtual expos.
Deal or no deal: What to know before shopping Black Friday and Cyber Monday sales
If you’re one of the many Canadians looking for Black Friday and Cyber Monday discounts, here’s how to know...
Where are rent prices headed in Canada?
A new Desjardins report predicts rent inflation will slow in the next few years.
Couldn’t get Eras Tour tickets? Industry practices, lack of competition could be to blame
High demand has made it challenging to get tickets for Taylor Swift and other big artists in Canada, and...
Suncor Energy boosts dividend, earnings rise to $2.02 billion in Q3
The oilsands giant will return all excess cash to shareholders after hitting debt target early.
Shopify share price soars after Q3 earnings beat
Shopify reports third-quarter net income of USD$828 million, and its executives aren’t concerned about how Trump’s election win will...
How Trump’s election win could affect interest rates in Canada
Experts say Donald Trump’s promised policies risk higher inflation and could weigh on the Canadian dollar.