Health\u002Dcare worker shortages, high costs of in\u002Dhome care and failure to plan ahead complicating retirement plans
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“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,” Vivianne Gauci, senior vice president, Customer Experience, and chief marketing officer at HomeEquity Bank, said in a news release. But that doesn’t mean most people can afford to stay in their homes as they get older without making a few sacrifices, given the high cost of hiring a personal support worker amid a shortage that might only boost costs in the years ahead. Indeed, 87 per cent of people surveyed say they’ll need to cut back on their spending and reallocate funds to afford PSW support. For 40 per cent, that means abandoning the notion of leaving any kind of inheritance to their children.
Right now, only two per cent of people have a PSW, according to the Ipsos research. But as Canada’s population ages rapidly, the number of people requiring care will “balloon by up to 15 times,” the study said. That’s expected to only exacerbate a support-worker shortage already plaguing the country.
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