Poll highlights the financial and professional cost of caring for aging parents
TORONTO, May 22, 2025 /CNW/ - As Canada's population ages, more and more residents are stepping into the role of caregivers for parents or in-laws. While this responsibility is often borne out of love and duty, it can come with significant challenges. A survey from Simplii Financial reveals how well set up caregivers are for the task, as well as the sacrifices they're making both financially and professionally.
According to the poll, nearly one-third of Canadians identify as caregivers for aging parents, with more than half (53 per cent) expecting to take on the role in the next five years. Despite the growing reality, only 38 per cent of those with aging parents are equipped with the necessary documentation to manage their affairs, and only 36 per cent have had a comprehensive discussion with their parents or parents-in-law about their long-term finances.
"As Canada's population ages, younger Canadians are increasingly juggling the demands for supporting aging parents, managing their own finances, and adapting to a changing workforce," says Carissa Lucreziano, CIBC's Vice-President of Financial Planning and Advice, speaking on behalf of Simplii Financial. "With the first wave of baby boomers turning 80 next year, these pressures will only grow, making proactive financial management and planning more important than ever."
On average, caregivers report spending more than $5,800 out of pocket annually, with some facing costs in excess of $25,000. The most common costs for caregivers include day-to-day expenses, healthcare, long-term care, in-home care, and home upkeep. Roughly a quarter of caregivers (24 per cent) state that the responsibilities have impacted their career, and a similar proportion (23 percent) say they've sacrificed income as a result. Moreover, those costs are expected to have an enduring impact for many caregivers—a notable one-third (32 per cent) anticipate the out-of-pocket costs will affect their own children in the long run.
For those anticipating a greater role in caring for parents, here are a few things to consider:
- Open lines of communication – While caregivers may be reluctant to start a conversation about finances and inheritance, it's important to get everyone on the same page. Knowing where your parents stand financially is the first step to ensuring you set aside what's needed.
- Get organized – Ensure you have all necessary documentation related to your parents' finances, including wills, insurance policies, and bank account information. This will make it easier to manage their affairs when the time comes.
- Prioritize self-care – While the majority of Canadians report feeling confident managing inheritance on their own (63 per cent), caring for aging parents can be emotionally and financially taxing. Taking time for yourself and seeking support from friends, family, or caregiver support groups can be essential.
About the Study
The findings are from an Ipsos poll conducted between October 28 and 31, 2024, on behalf of Simplii Financial. For this survey, a sample of 1,200 Canadians aged 18+ were interviewed online. Sample was sourced from the Ipsos panel. Weighting was employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ± 2.8 percentage points, 19 times out of 20, had all Canadians been polled. The credibility interval will be wider among subsets of the population.
About Simplii
Simplii Financial provides direct banking services to approximately 2 million Canadians with 24/7 access to online, mobile, and telephone banking with no monthly fees. Simplii clients can also access one of the largest national ATM networks through CIBC. For more information about Simplii Financial, please visit www.simplii.com or by following on X @SimpliiFin, Instagram @SimpliiFin, or on Facebook.
SOURCE Simplii Financial
For more information: Benjamin Wylie, 647-212-2836, [email protected]
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