Canadians Want to Age In-Place, But Struggle to Afford the Care They Need; New Research Reveals
HomeEquity Bank Announces the Home Care Heroes Award in Recognition of Personal Support Workers in time for PSW Day
Celebrating the positive impact of PSWs in the lives of Canadians underscores the urgent need for additional funding and support to make ageing in-place affordable
TORONTO, ON, May 19, 2022 – HomeEquity Bank, provider of the CHIP Reverse Mortgage, is celebrating Personal Support Workers Day 2022 (PSW Day) on May 19 with its first-ever Home Care Heroes Award. The award was created to acknowledge the vital work that thousands of Personal Support Workers (PSWs) provide for Canadians who want to age in-place – something that HomeEquity Bank believes all Canadians should have the right to do. Canadians overwhelmingly agree, with 95 per cent of adults 45+ saying being able to age in-place would allow them to maintain their independence, comfort and dignity.
HomeEquity Bank believes that providing affordable access to PSWs for all Canadians who desire to age in-place with in-home care should be a national priority. According to new research, 79 per cent of Canadians aged 45 and up would only consider long-term care or assisted living if they couldn’t afford in-home care.
Image caption: New survey data from Ipsos on behalf of HomeEquity Bank highlights the gulf between the desire for in-home care and Canadians’ ability to afford the care they need.
SURVEY SHOWS DESIRE TO AGE IN-PLACE AND MASSIVE NEED FOR PSW FUNDING
To illuminate the level of desire for PSW support – and the financial challenges preventing Canadians from accessing a PSW – HomeEquity Bank is releasing new Ipsos survey data from adults aged 45+.
- 92 per cent want to age in-place for as long as possible
- Only 12 per cent report having enough room in their budget for in-home care, which can cost between $150 and $600 per day1
- When asked what they would cut in their budget if they needed to afford a personal care worker, respondents1 highlighted the following financial sacrifices they would consider:
- 63 per cent would be willing to alter their travel and entertainment spending, 50 per cent would revise their budget for important home renovations
- 17 per cent would adjust their budget for paying down debt
- 42 per cent would forego leaving a legacy for their family
Perhaps most alarming, though:
- 23 per cent say they would sacrifice food and living expenses if they needed to make a budget cut to afford the home support that would allow them to age in-place, something that may become more difficult with inflation
- 13 per cent would alter their budget for costly medications
HOME CARE HEROES NOMINATIONS OPEN TO RECOGNIZE IMPORTANCE OF PSWS TO OLDER CANADIANS
To shine a light on the importance of PSWs, HomeEquity Bank’s Home Care Heroes Award will give Canadians the opportunity to nominate a PSW who has made a positive impact in their life or the life of someone they love. Three winning nominations will receive $2,500 each to acknowledge their important work and contributions.
From May 16 – June 6, Canadians 55+, their families, or businesses that engage with PSWs can nominate a PSW as a HomeEquity Bank Home Care Hero. Three Home Care Heroes will be announced by HomeEquity Bank the week of June 13th, with each winner receiving $2,500.
To nominate a Home Care Hero, visit: Home Care Heroes Nomination Form.
“Canadians who want to age in-place shouldn’t be choosing between food and living expenses or having the support of PSWs, something 23 per cent told us was a consideration. The importance of helping ageing Canadians access affordable in-home care from personal support workers cannot be overstated as our population ages.”
- Steven Ranson, President & CEO of HomeEquity Bank
“It’s shocking to think that in a country like Canada, the aging population think they will need to choose between medicine and staying in the home and community they love but that’s what 13 per cent say they’d consider doing to afford home care that would allow them to maintain their independence, comfort and dignity. But I say going without expensive medication isn’t comfort or dignity. I am asking the federal and provincial governments to make affordable home care accessible now.”
- Bill VanGorder, Chief Operating Officer, Canadian Association of Retired Persons (CARP)
“We all know Canadians 55+ want to age in-place and that they need support to do it. Adequate home care from highly trained, properly compensated PSWs who have job security is what’s needed.”
- Vivianne Gauci, SVP, Marketing & Customer Experience, HomeEquity Bank
“Providing the highest quality home healthcare for aging Canadians is what we pride ourselves on. Personal support workers have a significant impact on this high level of care, and they directly contribute to an excellent quality of life for their clients.”
- Lee Grunberg, CEO of IntegraCare, a leader in providing home healthcare in Toronto and Mississauga.
About HomeEquity Bank
HomeEquity Bank is a Schedule 1 Canadian Bank offering a range of reverse mortgage solutions including the flagship CHIP Reverse Mortgage™ product. The company was founded more than 35 years ago to address the financial needs of Canadians who wanted to access the equity of their top asset – their home. The Bank is committed to empowering Canadians aged 55 plus to live the retirement they deserve, in the home they love. For more information, visit www.chip.ca
Weber Shandwick for HomeEquity Bank
*Survey Methodology: Survey conducted by Ipsos, on behalf of HomeEquity Bank from April 13-16, 2022, polled 1001 Canadians 45+ to assess public opinion on the role and contributions of Personal Support Workers and financial barriers to access.
1 Of Canadians 45+ who have a PSW, know someone who has a PSW, or think they may need one in the future