Caregiving Preparedness Lags Behind Household Costs
Few families have a formal care plan for aging relatives, leaving them to cover thousands in annual out-of-pocket costs.
Updated on Oct. 15, 2026 in Eldercare
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Do you feel adequately prepared to handle the financial and time demands of elder care?
A new survey shows that less than 20% of Canadians and Americans have a comprehensive plan for the care of an aging or sick family member. This lack of preparation creates significant financial and logistical challenges for households, as caregivers spend an average of 89 hours monthly on their duties.
Why it matters
As the global population ages, families are facing increasing financial strain from the high costs of long-term care. With unpaid care now accounting for 75% of total care costs, those without a formal plan risk shouldering substantial out-of-pocket expenses and workplace disruptions.
Caregivers spend an average of $7,025 out of pocket annually and dedicate 89 hours per month to support aging relatives. While 19% of Canadians report having a formal caregiving plan, future projections suggest long-term care costs could hit $58.5 billion by 2031.
The players
Sunlife
A global financial services organization providing insurance and investment products, which recently rebranded from Sun Life.
Earnscliffe
A public affairs and communications firm that managed the international survey of 1,000 individuals regarding caregiving preparedness.
Canadian Medical Association
A national professional association representing physicians that tracks long-term healthcare costs and population health trends.
The details
The survey, conducted in mid-September by Earnscliffe, highlights a disconnect between current preparation levels and the reality of providing eldercare. Caregiving often requires family members to sacrifice professional time, with nearly half of Canadian caregivers reporting missed work in 2021. This burden is intensified as the number of individuals aged 85 and older is projected to reach 2.5 million in Canada by 2046.
Timeline
2018: One in four Canadians provided care for others.
2021: Half of Canadian caregivers reported missing work.
2023: Study published on caregiving costs.
October 2026: Survey results released.
The Home Front
This lack of preparedness follows the pattern set by the Canadian Medical Association's 2031 cost projections for the rising burden of long-term care. As institutional costs grow, the reliance on unpaid, out-of-pocket family support is becoming a major, documented financial trend.
Assess your family's current financial and medical logistics by documenting long-term care needs before they become urgent. Consult with a licensed financial advisor to discuss how to prepare for potential out-of-pocket caregiving costs and unexpected workplace absences.
The takeaway
Caregiving preparedness remains low despite the significant personal financial and time commitments required. Families should start by outlining a clear, written plan that identifies specific caregiving roles and potential funding sources for future long-term needs.
Further reading
For more strategies on managing long-term support for relatives, see our guide to Eldercare.
Live Poll
Do you feel adequately prepared to handle the financial and time demands of elder care?
