Aging parents costly concern

Caregivers will face loss of income, advancement: Report
By Sarah Dobson
|Canadian HR Reporter|Last Updated: 08/30/2017

An aging population combined with longer lifespans and strained social services means more Canadians are taking on the role of caregiver for their aging parents. And that trend is likely to intensify, according to a report from CIBC.

While the share of Canadians aged 65 and older has gone from 14 to 17 per cent over the past decade, that will jump to 22 per cent by 2027, said Who Cares: The Economics of Caring for Aging Parents.

As a result, caregivers will face a number of costs, including out-of-pocket expenses and loss of labour income due to time spent caring for aging parents.