Canadian Caregivers Spend $7,025 a Year as Family Responsibilities Erode Retirement Savings
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A Canadian study released Wednesday, October 14, 2026, found that financial caregivers who are not fully reimbursed spend an average of $7,025 annually supporting loved ones. Among those surveyed, 44% had reduced or stopped saving, while 25% had cut retirement contributions.
The Edward Jones Canada study, conducted with Age Wave and The Harris Poll, also found that 21% had stopped working altogether and 22% had missed career advancement opportunities. Caregivers supporting older adults spend an average of seven years in the role, dedicating approximately 89 hours each month.
More than 3.6 million Canadians provide financial care for people aged 65 and older, contributing an estimated $20 billion annually. While 73% of financial caregivers would sacrifice their own financial security for loved ones, 84% do not want their families to face the same burden later in life. The Canadian survey covered 2,152 financial caregivers supporting older adults or working-age adults with disabilities
