Baby Boomers Feeling the Squeeze of New Mid-Life Reality: Taking Care of Mom, Dad and Themselves



    BMO Partners with Caregiving Experts to Provide Clients with Access to
    Eldercare Services and Caregiver Support

    TORONTO, Nov. 22 /CNW/ - For the first time in history, Canadian adults
have more parents than children. Currently, one-third of boomers in Canada
assist aging relatives and more than one-third (36%) of those who are not
expect to be doing so in the future(*). To help clients provide this care and
also receive the support they may need personally, BMO Financial Group today
announced it has partnered with BEST in CARE - an impartial advisory service
offering extensive eldercare information and caregiver support.
    Available through select BMO investment professionals, BEST in CARE
provides access to the most comprehensive online database of eldercare and
caregiver services in Canada as well as unlimited phone and email
consultations with industry experts. BEST in CARE enables caregivers to search
for eldercare information in their community, including qualified elder care
professionals, in-home services, long term care facilities and geriatric
services that match specific needs, anywhere in Canada.
    This resource will help BMO advisors and clients quickly narrow their
search for the services required for aging relatives and BEST in CARE will
also provide clients with the emotional support often necessary for the
caregivers themselves.
    "One of the greatest challenges of caregiving for boomers is that it adds
to an already full life of competing concerns and priorities," said Dr. Amy
D'Aprix, Gerontologist and CEO of BEST in CARE. "We partnered with BMO and its
advisors to help their clients give the best possible care to aging family
members, while also taking best care of themselves."
    According to a BMO Financial Group/Ipsos Reid survey, of the one-third of
boomers who are currently assisting aging relatives, 66 per cent say it has
had some negative impact on their lives; 31 per cent say they have less time
for themselves; 20 per cent have had to take time off work and 19 per cent say
that they have been impacted financially. Adding to the pressure, 44 per cent
of these boomers also financially support their children.
    "In addition to offering clients access to these information and support
services, we're also encouraging those boomers who are currently providing
care or expect to do so in the future, to start planning for the impact this
can have on their finances and lifestyle," said Kris Vikmanis, Head of
Retirement Market, BMO Financial Group.
    "Our research has found that despite the increasing family pressures of
caring for aging relatives, only 26 per cent of boomers have a plan for their
own care in the event they personally need assistance when they get older. One
of the advantages of planning in advance for the caregiving of others is that
it encourages clients to consider the care they would prefer for themselves
down the road, so they can start planning for it now," added Vikmanis.
    "Decisions and choices are far better made without the pressure of an
immediate crisis. Doing your research, understanding your options and working
with an advisor to discuss and plan for the financial implications is much
easier when you're not operating in crisis mode," said Dr. D'Aprix.

    New Mid-life Reality

    To encourage clients to start thinking about and planning for this new
mid-life reality of taking care of themselves and aging family members, BMO
yesterday hosted an event for clients in Toronto that included a panel
discussion with actor Gordon Pinsent, star of Away from Her, a movie that
deals with a retired couple's battle with Alzheimer's disease, Dr. Michael
Baker, Physician-in-chief of the University Health Network and a member of the
BMO Financial Group's Advisory Council on Retirement and Dr. Amy D'Aprix.

    Other Ways BMO is Helping Clients Who Care for Aging Relatives

    BMO Harris Private Banking offers a unique wealth management service,
called enCircle(TM), designed to lessen the burden of financial management on
seniors and their adult children. enCircle advisors work with clients and
their families to tailor a plan that can include bill payment, investment
management, estate planning, coordinating the filing of tax returns, applying
for travel insurance, travel banking, as well as home and health care
education. Since this service was launched in May 2005, the response from
clients has been extremely positive, confirming that professional assistance
with managing financial affairs later in life is valuable to both seniors and
their families.
    In addition, BMO Financial Group launched a podcast series this year that
examines the emerging issues facing Canadian boomers who are approaching
retirement. Hosted by Pamela Wallin, a journalist for more than 30 years and a
member of BMO's Advisory Council on Retirement, recent podcasts include
interviews with Dr. D'Aprix and Dr. Baker on caring for yourself and others.
    The podcasts can be downloaded from BMO's retirement website at:
www.bmo.com/retirementyourway.

    
    (*) Based on an online survey conducted by Ipsos-Reid, February 27 -
        March 2, 2007, among a randomly selected sample of 2,195 Canadians
        aged 45-60.
    





For further information:

For further information: JoAnne Hayes, Toronto, joanne.hayes@bmo.com,
(416) 867-3996; Lucie Gosselin, Montreal, lucie.gosselin@bmo.com, (514)
877-8224; Laurie Grant, Vancouver, laurie.grant@bmo.com, (604) 665-7596;
Internet: www.bmo.com/retirementyourway


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890