Cost of unpaid caregiving to create oversized burden for 8 million Canadians

Millions of Canadians need ongoing care and an estimated three quarters of this is provided by unpaid carers.

An army of more than eight million people are looking after family members and providing the equivalent of $24 billion in unpaid work every year, but this caring cohort is facing an oversized financial burden during the cost-of-living crisis according to a new report.

A recent survey from the Petro-Canada CareMakers Foundation with Leger found that 60% of family caregivers spend up $500 on care-related monthly expenses with 17% spending more than this. That means that 47% spend more on caring for loved ones than on their own personal care, phone and internet bills, monthly groceries, utility bills, car payments, and monthly childcare costs.

The struggle is clear with more than half of respondents saying they are finding it hard to manage care costs with the current economic challenges.

"Many caregivers are feeling the financial strain that comes with caring for a loved one, which can be even more pronounced when budgets are tight," says Leila Fenc, Executive Director, Petro-Canada CareMakers Foundation. "Whether it's the need to pay for customized supplies, modifications to the home, respite care, or the fact that they must adjust their regular work hours to provide care, today's unpaid family caregivers are absolutely feeling the weight that can come with this work."

There is a growing need for unpaid carers, with the cost of professional care prohibitive for many. The survey found that half of Canada's unpaid family caregivers under 55 have recently taken on a caregiver role due to the rising cost of paid care.

Recently, current retirees told a Sun Life poll that they are paying more for their care than they had expected.

Caring perspectives

The survey asked those who are currently not caring for someone how much they think it would cost them to do so.

Almost four in ten did not know and one fifth thought it might be as much as $2,000 per month. Most (58%) would not be prepared to take on the cost and time burden associated with caring for a loved one.

Four out of five, or 80% of respondents, whether carers or not, believe there should be more resources and support for unpaid caregivers.

"We need to do more to provide critical support to millions of unpaid family caregivers, especially given the economic challenges Canadians are facing," says Fenc.