It costs about $33 billion in this country. That’s more than double the annual expenditure of the Saskatchewan government.
This ‘industry’ is caring for aging parents.
A new report on the cost of this care, prepared by CIBC, says direct and indirect costs such as time off for medical appointments total $33 billion a year in Canada. And those costs are not always equitably distributed.
The key point the CIBC survey explored was how siblings share the duties and costs of caring for an aging parent. Even though most of those surveyed felt the load should be evenly shared among siblings, only half actually did. For a large percentage, it falls to one.
While there is no regional breakdown, we can probably assume that this is especially true in Saskatchewan where we spent decades exporting large numbers of young people who are now in the 45–55 age category that is most likely to experience the cost of caring for an aging parent. And the average caregiver is reported to be out-of-pocket about $430 a month, an outlay many had not budgeted.