TORONTO, Dec. 11, 2017 /CNW/ - With the holidays just around the corner, recent research sponsored by HomEquity Bank, the only national provider of the CHIP Reverse Mortgage™, outlined a surprising holiday spending list for Canadian seniors.
While travel and home improvements were high on the list, a surprising one-third of respondents highlighted the need to financially support children and grandchildren, pay off debt, cover healthcare expenses and help with their daily cost of living.
The survey, which posed questions about spending habits, home ownership and supports to children and grandchildren, was conducted at the 2017 Toronto Zoomer Show. The survey of 682 participants was undertaken on October 27 and 28, 2017.
The research indicates that over a third (36 per cent) of those surveyed would take a vacation, if they could access the cash to do so. Of this same group, 12 per cent would pay off debt, 10 per cent would support children and grandchildren and 4 per cent would pay for healthcare expenses not covered by government insurance plans.
A surprising number of respondents also highlighted the amount of time and money they invest in their children and grandchildren:
- 21 per cent have provided one-time financial support (down payments, weddings and education);
- 14 per cent currently have children and/or grandchildren living with them;
- 5 per cent provide childcare support
"Canadian seniors are the financial foundation for their families," said Yvonne Ziomecki, Executive Vice President of Marketing and Sales at HomEquity Bank. "While the data clearly shows that they would love to spend their money on travel and home improvements, many seniors have children and grandchildren who still rely on them for financial support. Whether it's helping with education or getting into the housing market, Canadian seniors will likely spend their money on children and grandchildren this holiday season."
About HomEquity Bank:
HomEquity Bank, a federally-regulated, Schedule 1 Canadian bank, is the only national provider of the CHIP Reverse Mortgage™ solution. Founded 30 years ago, HomEquity Bank has been helping Canadian homeowners aged 55+ access the value of the equity they have in their homes, maintaining ownership of their home, until they make the decision to sell.
HomEquity Bank has partnered with the Canadian Association of Retired Persons (CARP) Canada's largest non-profit, non-partisan advocacy association for Canadians As We Age. CARP now recommends HomEquity Bank's CHIP Reverse Mortgage™ as a smart and comprehensive solution for Canadians planning for retirement.
HomEquity Bank has ranked on the Canadian Business and PROFIT's 28th and 29th annual PROFIT 500 list, the definitive ranking of Canada's Fastest-Growing Companies.
HomEquity has also been recognized as an Aon Best Employer – Canada 2017.
SOURCE HomEquity Bank
For further information: Yvonne Ziomecki, Executive Vice President, Marketing & Sales, [email protected]