More than two-fifths or 44 per cent say they will not think about care until either they or a family member gets an illness, according to Canada Life.
A new study from Canada Life finds that more than 7 in 10 adults over 60, or 72 per cent, have not given planning for later-life care any thought. Over 100,000 more people than in 2015/16 requested assistance from their municipality in 2019/20, totalling 1.9 million, according to Canada Life.
Nearly 44 per cent claim they won’t consider care until they or a family member becomes ill, while 28 per cent say they have delayed thinking about care since it is emotionally taxing. In addition, a quarter have put off thinking about care due to the financial stress it would cause.
Almost one in ten people, or 8 per cent, believe it is not their obligation to consider their care needs and that the State or a family member should take care of it.
Half of those who have considered planning for care, or 49 per cent, have talked to family members about it. While 27 per cent are actively saving and building up investments to pay for it, and 17 per cent are cutting back on wasteful expenditure.
Canada Life head of marketing Alice Watson says: “While we often don’t like to think about the worst that could happen, with people living longer and retirement lasting several decades, planning for later life care is a reality for many of us. Add to this the increase in social care needs across the country, it’s worrying to see how few people have planned for later life care and why they are delaying thinking about it, whether that be financial or emotional barriers.
“Looking ahead, we must continue to encourage people to think about their needs at different stages of retirement, no matter how difficult this may be. Not only is it important to discuss plans with family members, but speaking with a financial adviser is a sensible place to start. These professionals can help highlight how different financial assets, such as a property or pension, can be used to meet the needs of an ageing population.”
