Most Canadians want to age in place, but few have planned for it: survey

Most Canadians prefer to age in the comfort of their own home over moving to a long-term care facility, but few have proactively planned for the care required to make this a reality, a new survey shows.

The survey of 1,001 Canadians aged 45 and older was commissioned by HomeEquity Bank and conducted by Ipsos.

It revealed that 90% of Canadians in this cohort would choose in-home care over moving to a long-term care facility if they needed extra support. As well, 82% of people surveyed said they would only consider assisted living if they were unable to afford in-home care.

However, only 13% of survey participants said they’ve planned for the personal support worker (PSW) care to make this possible. And just 6% said they’ve both planned for and can afford PSW care if it becomes necessary.

“Our research underscores a clear desire for Canadians to stay in their homes with access to in-home care,” said Yvonne Ziomecki-Fisher, chief customer, brand and advice officer with HomeEquity Bank, in a release Friday.

“With limited retirement income, whether it’s savings locked in your home equity, pensions or drawing down on investments, Canadians could benefit from increased awareness and proactive planning.”

The survey was fielded via Ipsos’ panel between May 2 and May 5. The survey has a credibility interval of plus or minus 3.8%, 19 times out of 20, of what the results would have been had all Canadian adults aged 45 and older been surveyed.

Noushin Ziafati

Noushin has been the associate editor of Advisor.ca since 2024. Previously, she worked at outlets including the CBC, Canadian Press, CTV News, Telegraph-Journal and Chronicle Herald. Reach her at noushin@newcom.ca.