Most Adults Lack A Formal Caregiving Plan
A new survey shows few families are prepared for the financial and time-related costs of caring for aging relatives.
Updated on Oct. 15, 2026 in Eldercare
Live Poll
Do you feel adequately prepared to handle the financial and time demands of elder care?
A new survey finds that very few adults in Canada and the U.S. have a comprehensive plan for the care of an aging or sick family member. This lack of preparation comes as caregivers report significant financial strain and time commitments to meet the needs of older relatives.
Why it matters
With the number of elderly individuals rising globally, the current lack of structured planning increases the risk of financial hardship and burnout for family caregivers. Proactive planning is essential as the cost of long-term and home care is projected to reach $58.5 billion by 2031 in Canada alone.
A survey of 1,000 individuals across eight countries found that only 19% of Canadians and 18% of Americans have a comprehensive plan for the care of an aging or sick family member. Meanwhile, 30% of respondents in several Asian nations reported having such a plan.
The players
Sunlife
An international financial services organization that provides insurance, wealth, and asset management solutions.
Earnscliffe
A public affairs and communications firm that conducted the international caregiving survey.
Canadian Medical Association
A national organization representing physicians that projects future long-term and home care costs.
The details
Unpaid caregiving currently accounts for 75% of total care costs, often placing a heavy burden on families. Caregivers spend an average of $7,025 out of pocket annually and dedicate 89 hours per month to these responsibilities. The lack of planning is particularly concerning as the Canadian population aged 85 and older is projected to reach nearly 2.5 million by 2046.
Timeline
2018: One in four Canadians provided care for others.
2021: Half of Canadian caregivers reported missing work due to responsibilities.
2023: A study on caregiving costs was published.
October 2026: The Sunlife survey was released.
Health Landscape
The rise in long-term care needs is creating a significant fiscal gap for families, as evidenced by the Canadian Medical Association's 2031 cost projections. Current trends suggest that the reliance on unpaid care will remain a central, yet under-planned, component of aging.
If you are managing the care of an aging family member, consider discussing a formal, documented plan with a financial advisor or healthcare provider to mitigate future out-of-pocket costs. Recognizing that caregiving can affect your own employment and financial stability is the first step in creating a sustainable support system.
The takeaway
Caregiving often requires significant time and money, yet few families have a formal plan to manage these burdens. Start by evaluating your anticipated caregiving hours and expenses, and have a conversation with your physician about local resources that could help lighten the load.
Further reading
For more information on navigating family care, visit our Eldercare section.
Source note: This article includes information reported by The Globe and Mail.
Live Poll
Do you feel adequately prepared to handle the financial and time demands of elder care?
