Most pre-retirees will prioritize in-home care costs over leaving a legacy for loved ones
Canadians who are approaching their twilight years plan to make the most of their money, even if that means leaving nothing for the next generation.
It seems that avoiding moving to a long-term care facility is a priority for over 45s, who are willing to make financial sacrifices to pay for the potentially more expensive option of in-home care.
While not every person requires care support in their older years it can derail retirement plans and a new survey from Ipsos for HomeEquity Bank shows that over 45s are seriously thinking about it.
Nine in ten respondents said that they would prefer in-home care rather than a care facility and a similar share are prepared to do what’s needed to meet the costs.
That includes 43% who will spend on in-home care even if that means not leaving a legacy for loved ones, 42% would forego home renovations, and 38% would cut back on expenses such as food, general living costs, and entertainment.
A quarter of poll participants said they would put their care needs ahead of paying down debt and 9% would avoid costly medications.
Personal support
This Friday (May 19) is Personal Support Worker (PSW) Day and the poll also revealed that just 2% of respondents currently have a PSW while 13% know someone who does.
Over three quarters would only consider moving into an assisted living facility if they couldn’t afford in-home care, but availability is an issue with 40% of respondents saying access to PSWs has worsened in the last year. This is likely to have an impact on costs.
Almost four in ten (38%) would consider borrowing money to cover the cost of in-home living for themselves or a loved one, although this is down 5 percentage points from last year, possibly due to softening house prices deterring those who would borrow against their home equity.
“Without access to adequate in-home care, it may be challenging for many Canadians to live retirement on their terms," said Vivianne Gauci, SVP, customer experience and chief marketing officer at HomeEquity Bank. "The retirement plans of Canadians are often much simpler than you'd expect, with many expressing a desire to age in the home they love."
