A new report from the Canadian Centre for Caregiving Excellence reveals that caregivers in Canada are facing severe financial strain. Around 59% are juggling caregiving duties with their careers, and 36% report lost earnings due to reduced productivity.
Elizabeth Chambers, a former teacher, left her career at age 40 to care for her mother with Alzheimer's and her son with learning disabilities. She is part of the "sandwich generation" - Canadians aged 40 to 60 caring for both aging parents and children.
Pamela Barkhouse took early retirement to care for her parents and later her husband, significantly reducing her retirement savings. "At age 60, I realized being out of the workforce for over 10 years the hit was huge," she said.
One in four Canadians is currently a caregiver, contributing an estimated $97 billion in unpaid labor annually. The report says the care crisis is holding Canada back from economic prosperity, trapping working caregivers in a vicious cycle.
The burden falls disproportionately on women. Nearly half of caregivers face financial strain, with one in five spending over $12,000 a year out of pocket. Additionally, 76% of professional care providers are considering leaving the field due to low wages and safety concerns.
As Canada faces its largest-ever retirement wave - all baby boomers set to retire by 2030 - the expenditure on healthcare is cited as the biggest risk to Canada's financial stability. The report calls for higher wages, better working conditions, and expanded tax credits for caregivers.