Canadian Perspectives on the Financial Realities of Ageing in Place
The COVID-19 pandemic has left most Canadians feeling concerned about the financial security and well-being of their families today and in the future. The level of worry is particularly acute for Canadians close to retiring or in early retirement. A new report released by the National Institute on Ageing, in collaboration with HomeEquity Bank, shows that 75% of adults say the pandemic has made them more concerned about their family’s financial security and well-being. For those nearing or in early retirement, 77% expressed worry about their financial health, as well as 79% of women. These findings come at a time when an increasing number of older Canadians say they intend to age at home for as long as possible. But, with a lack of adequate public funding for homecare, Canadians and governments will need to take active steps to close the gap between the desire to age at home and the finances required to do so.
