Three-Quarters of Canadian Caregivers Risk Financial Security for…

Event summary

73% of Canadian caregivers would sacrifice their financial security to support a loved one, per Edward Jones Canada research.
Financial caregivers contribute approximately $20 billion annually in support of their care recipients.
71% of caregivers entered the role with little or no planning.
Caregivers spend an average of $7,025 annually in unreimbursed personal funds.
76% of caregivers say the experience has changed how they prepare for their own future.

The big picture

The research highlights a significant gap in financial preparedness among caregivers, with most entering the role unprepared. This presents an opportunity for financial advisors to offer tailored solutions, as caregiving increasingly reshapes how Canadians plan for their futures. The $20 billion annual contribution by caregivers underscores the scale of the issue and the potential market for supportive financial products.

What we're watching

Financial Planning Gaps: How Edward Jones can capitalize on the 76% of caregivers now seeking professional financial guidance.
Caregiver Support Services: Whether financial institutions will develop specialized products for caregivers facing long-term financial strain.
Regulatory Attention: The pace at which governments may introduce policies to support caregivers, given the $20 billion annual contribution.