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The BMO Boomer Survey by Ipsos Reid: One in three boomers are assisting an aging family member; 44% are also supporting their children financially

March 30, 2007, Toronto, ON – A new Ipsos Reid/BMO Financial Group survey finds that one in three (34%) Canadians aged 45-60 years indicate that they are assisting an aging family member in some way; over four-in-ten (44%) in this group are currently supporting their children financially as well. Impacts of helping aging family members are varied. A majority (59%) of boomers who are doing so indicate that it has strengthened their relationship with the person they are assisting.

Three in ten (31%) say they have less time for themselves, the rest of their family or friends. Two in ten (20%) say they have taken time off work to help aging family member. Supporting an aging relative has also impacted retirement plans for one-quarter (25%) of Canadians aged 45 to 60 years who are caring for an aging relative.

To budget and plan for the help they’re providing for their aging family members, fewer than one-in-ten (7%) Canadian boomers caring for aging relatives have sought professional advice; about three times as many (23%) have sought non-financial advice or support to help them manage the assistance they’re providing.

While two in three (66%) Canadian boomers are not assisting an aging family member right now, over one-third (36%) in this group expect that they’ll have to do so in the future. Of those who have such expectations, just one in four (26%) are planning financially so that they’ll be able to provide this future assistance for their aging family members.

And, although one-third (34%) of Canadians aged 45 to 60 years old indicate that they are assisting an aging family member in some way, fewer than that (26%) have taken steps to plan in case they themselves need assistance when they get older.

These are the findings of an Ipsos Reid/BMO Financial Group poll conducted from February 27th, 2007 to March 2nd, 2007. For the survey, a representative randomly selected sample of 2,195 adult Canadians aged 45 to 60 years was interviewed online. With a sample of this size, the results are considered accurate to within ± 2.1 percentage points, 19 times out of 20, of what they would have been had the entire Canadian adult population aged 45 to 60 years been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. These data were weighted to ensure the sample's regional and age/sex composition reflects that of the actual Canadian population according to Census data.

One-third (34%) of Boomers Assisting Aging Relatives

One in three (34%) Canadians aged 45-60 years indicate that they are assisting an aging family member in some way; two in three (66%) do not.

• Regionally, boomers in Quebec are least likely to be providing such assistance (29%), and there is also a gender difference, with females being more likely (37%) than males (31%) to be doing so
• Specifically, Quebecers are least likely (19%) to be providing emotional support to an aging family member, while those in Saskatchewan/Manitoba (36%) are most likely
  • And, females (31%) are more likely than males (23%) to be doing so
• Quebec boomers are also least likely (13%) to be providing transportation for an aging family member, while those in Saskatchewan/Manitoba (22%) and Ontario (21%) are the most likely

Over Four-In-Ten (44%) Boomers Assisting Aging Relatives Are In the “Sandwich Generation”

Over four-in-ten (44%) Canadians aged 45 to 60 years old who are assisting aging relatives are currently supporting their children financially as well.

• While providing support for an aging relative, males (50%) are more likely than females (39%) to also be financially supporting their children
• Quebecers (58%) more likely than those in the West (37%) to be juggling these two responsibilities

For Six-in-Ten (59%) Helping Older Relatives, That Relationship Is Improving

When asked how helping their aging family member(s) has impacted their lives, a majority (59%) of boomers who are doing so indicate that it has strengthened their relationship with the person they are assisting. Three in ten (31%) say they have less time for themselves, the rest of their family or friends; two in ten (20%) say they have taken time off work; two in ten (19%) also say that helping has impacted them financially; 14% say it has had a negative impact on their health; and one in ten (9%) say it has impacted the job or career path they’ve chosen.

• Fewer (11%) in Quebec have taken time off work (vs. 22% in Ontario and 25% in the West)
• The financial impact appears to be greater among males (22%) than females (16%)
• Health/Career impact of helping out is stronger among female boomers than male boomers caring for aging relatives:
  • Assisting has had a negative impact on the health of 18% of females vs. 10% of males
  • And, it has impacted the job or career path that 12% of females compared to only 6% of males

Caring for Aging Relatives Impacting Retirement Plans

Three-quarters (75%) of Canadians aged 45 to 60 years who are supporting an aging relative indicate that doing so has not impacted their plans for retirement; for one-in-four (25%) then, helping an aging relative has impacted their retirement plans. Specifically, 16% indicate that helping aging relatives will impact retirement location (so as to be close to this older family member), one in ten (9%) that it will impact retirement timing, 8% that they have increased their personal debt to provide this help, and 6% that they have been contributing less to their RSPs in order to pay for this help.

• Assisting aging relatives appears to have a greater impact on retirement location plans in British Columbia (23%) than in Quebec (13%)

Minority Seeking Advice to Help With Caring for Aging Relatives

Fewer than one-in-ten (7%) of Canadian boomers caring for aging relatives have sought professional advice to budget and plan for the help they’re providing for their aging family members. About three times as many (23%) boomers providing such care have sought non-financial advice or support to help them manage the assistance they’re providing. Those in Quebec are the least likely to have sought non-financial advice (13%), while those in Ontario (27%) and the West (27%) are the most likely.

Over One-In-Three (36%) Boomers Expecting to Help Aging Relatives Are Planning For It Financially

Over one-third (36%) of Canadians aged 45 to 60 years old who are not helping any aging family members now expect that they’ll have to in the future.

Of those who have such expectations, just one in four (26%) are planning financially so that they’ll be able to provide this future assistance for their aging family members.

• This financial planning behaviour is more common in the West (34%) than in Quebec (20%)

Just One-Quarter (26%) of Boomers Have Taken Steps to Plan In Case They Need Assistance Later On

While one-third (34%) of Canadians aged 45 to 60 years old indicate that they are assisting an aging family member in some way, fewer than that (26%) have taken steps to plan in case they themselves need assistance when they get older.

About Ipsos Reid

Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group. To learn more, please visit www.ipsos.ca.