Place strategy

Canadians want to age in place, but struggle to afford the care they need; New research reveals

HomeEquity Bank Announces Home Care Heroes Award in Recognition of Personal Support Workers in Time for PSW Day

Celebrating the positive impact of personal support workers on the lives of Canadians highlights the urgent need for additional funding and support to make aging in place affordable

TORONTO, May 19, 2022 /CNW/ – CHIP Reverse Mortgage Provider HomeEquity Bank Celebrates Personal Support Worker Day 2022 (PSW Day) on May 19 with its first-ever Home Care Heroes award. The award was created to recognize the vital work that thousands of personal support workers (PSWs) provide to Canadians who wish to age in place, which HomeEquity Bank believes all Canadians should have the right to do. . Canadians overwhelmingly agree, with 95% of adults aged 45 and older saying that being able to age in place would allow them to maintain their independence, comfort and dignity.

HomeEquity Bank believes that providing affordable access to personal support workers for all Canadians who wish to age in place with care at home should be a national priority. According to a new study, 79% of Canadians aged 45 and over would only consider long-term care or assisted living if they could not afford home care.

SURVEY SHOWS DESIRE TO AGE IN PLACE AND MASSIVE NEED FOR PSW FUNDING

To shed light on the level of desire for PSSP support – and the financial challenges preventing Canadians from accessing a PSSP – HomeEquity Bank is releasing new Ipsos survey data from adults aged 45+.

  • 92% want to age in place as long as possible
  • Only 12 per cent say they have enough room in their budget for home care, which can cost between $150 and $600 per day1
  • When asked what they would cut from their budget if they needed to pay for a personal care attendant, respondents1 highlighted the following financial sacrifices they would consider:
    • 63% would be willing to change their travel and entertainment spending, 50% would revise their budget for major home renovations
    • 17% would adjust their budget to pay off their debt
    • 42% would give up leaving an inheritance to their family

Perhaps most alarming, however:

  • 23% say they would sacrifice food and living expenses if they had to make a budget cut to pay for home support that would allow them to age in place, which could become more difficult with inflation
  • 13% would change their budget for expensive drugs

HOME CARE HERO NOMINATIONS ARE OPEN TO RECOGNIZE THE IMPORTANCE OF PSWS FOR OLDER CANADIANS

To highlight the importance of personal support workers, the HomeEquity Bank Home Care Hero Award will give Canadians the opportunity to nominate a personal support worker who has had a positive impact on their life or that of someone they love. Three winning nominations will receive $2,500 everyone to recognize their work and important contributions.

Since May 16June 6, Canadians 55 and older, their families or businesses who interact with personal support workers can designate a personal support worker as a HomeEquity Bank Home Care Hero. Three home care heroes will be announced by HomeEquity Bank the week of June 13andeach winner receiving $2,500.

To nominate a Home Care Hero, visit: Home Care Hero Nomination Form.

ESTIMATE

“Canadians who want to age in place shouldn’t have to choose between food and living expenses or have PSSP support, which 23% told us was a consideration. The importance of helping aging Canadians access affordable home care from support workers cannot be overstated as our population ages. »

Steven RansonPresident and CEO of HomeEquity Bank

“It’s shocking to think that in a country like Canada, the aging population thinks they will have to choose between medicine and staying in the home and community they love, but this is what 13% say they would consider doing to afford home care that allow them to retain their independence, comfort and dignity. But I say that going without expensive drugs is neither comfort nor dignity. I call on federal and provincial governments to make affordable home care available now. »

Bill VanGorderChief Operating Officer, Canadian Association of Retired Persons (CARP)

“We all know that Canadians aged 55 and over want to age in place and need the support to do so. Adequate home care provided by highly trained and well-paid personal support workers who have job security are what it takes.”

Vivianne GauciSenior Vice President, Marketing and Customer Experience, HomeEquity Bank

“We are proud to provide the highest quality home health care to aging Canadians. Personal support workers have a significant impact on this high level of care and contribute directly to an excellent quality of life for their clients.

Lee GrünbergCEO of IntegraCare, a leader in providing home healthcare in Toronto and Mississauga.

About HomeEquity Bank

HomeEquity Bank is a Canadian Schedule 1 bank offering a range of reverse mortgage solutions, including the flagship product CHIP Reverse Mortgage product. The company was founded over 30 years ago to meet the financial needs of Canadians who wanted access to equity in their primary asset – their home. The Bank is committed to giving Canadians aged 55 and over the means to live the retirement they deserve, in the home they love. For more information, visit www.puce.ca

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Survey methodology: Survey conducted by Ipsos, on behalf of HomeEquity Bank from April 13-16, 2022, of 1,001 Canadians aged 45 and over to gauge public opinion on the role and contributions of personal support workers and financial barriers to access.

1

Canadians aged 45+ who have a PSSP, know someone who has one, or think they might need one in the future

SOURCE HomeEquity Bank

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