New survey also highlights poor finances and social isolation of older adults
Canada’s ageing population are facing challenging times with many dogged by poor finances, weak social connections, and a lack of retirement savings.
A new report from the National Institute on Ageing, in partnership with the Environics Institute for Survey Research, highlights three key areas of concern for over 50s including social well-being, financial security, and health.
The connection between finances and how older adults live their lives is clear with those facing financial struggles – along with those in poor health – among the 36% of respondents who say their social networks are weak. Just 32% of all participants reported strong social networks.
And while 39% of respondents said they engage in social and recreational activities at least weekly, those with poor finances are more likely to be among the 20% who said they engage in these activities only once a month or the 23% who do so rarely.
Financial security
Digging deeper into the long-term financial security of the over 50s polled, just one in three think they will be able to retire when they want to with one in four having just $5,000 or less saved, despite working.
A new measure called the Material Deprivation Index reveals that one in five older Canadians has a poverty-level standard of living including 14% of over 65s.
And while most respondents to the NIA survey say their finances are stable or improving – and more were able to save last year than in 2023 – almost a quarter said their income is not enough for their current or long-term needs, especially among 50-64s without a workplace pension and those with fair or poor health.
Although most who took part in the research said they were able to access the health care they required, the survey highlighted a gap in provision of community care, where just 48% of those who needed home based services were able to access them.
Long term, 80% of respondents want to age in their own home with just 3% saying they would prefer to move to a long-term care home.
“The 2024 Ageing in Canada Survey offers a powerful lens into the lives of older Canadians, revealing both the systemic barriers they face and the opportunities for meaningful change,” said Alyssa Brierley, Executive Director of the NIA. “As Canada’s population ages, this research underscores the urgent need for bold, evidence-based action to combat ageism, strengthen financial security and ensure equitable access to health and social supports. Now is the time for policymakers and communities to come together to build a Canada where older adults feel valued, included, supported and better prepared to age with confidence.”
