The Zoomer Report: Caregiving Cost
Do you provide care to an elder family member? Census numbers show that a third
of Zoomers do. And it has a financial impact.
The University of Alberta conservatively estimates it would cost about $6
billion to replace the care provided by the some 2.1 million Canadians who give
unpaid care to seniors each year.
Other studies show care givers often have to resort to cutting back on the
number of hours they work or quitting work altogether. And they can incur out-of-pocket
expenses for drugs, medical supplies and other items.
There are also gender differences. Although men are becoming more involved
in elder care – statistics show 15.7 per cent of Canadian men now do some form
of unpaid senior care – the financial impact on women caregivers is greater.
One in seven women, for example, reduce their hours of work to accommodate
their caregiving duties compared to one in 10 men. And 1 ½ times more
women than men caregivers reported reduced income because of their unpaid care.
READ MORE ZOOMER REPORTS
About The Zoomer Report
Libby Znaimer, a prominent Canadian journalist specializing in business, politics, and lifestyle issues, is producer and host of The Zoomer Report, a special feature on topics of interest to baby boomers and the 50+. It covers everything from health and wealth to leisure and volunteerism, from the special vantage point of the generation that has changed society in its wake.
Ms. Znaimer is also Vice-President of News and Information for Classical 96.3FM and AM740. Her first book, “In Cancerland – Living Well Is The Best Revenge” – was published in October 2007 by Key Porter.
Are you a Zoomer? Click here to find out.