Wealth

Caregiving Costs

Do you provide care to an elder family member? Census numbers show that a third of Zoomers do. And it has a financial impact.

The University of Alberta conservatively estimates it would cost about $6 billion to replace the care provided by the some 2.1 million Canadians who give unpaid care to seniors each year.

Other studies show care givers often have to resort to cutting back on the number of hours they work or quitting work altogether. And they can incur out-of-pocket expenses for drugs, medical supplies and other items.

There are also gender differences. Although men are becoming more involved in elder care – in Statistics show 15.7 per cent of Canadian men now do some form of unpaid senior care – the financial impact on women caregivers is greater.
One in seven women, for example, reduce their hours of work to accommodate their care-giving duties compared to one in 10 men. And 1 ½ times more women than men caregivers reported reduced income because of their unpaid care.

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