It’s no surprise that most Canadians want to age at home. The desire to maintain independence and enjoy the comfort of familiar surroundings is a deeply human one, especially after a lifetime of hard work. But for many, that aspiration isn’t being matched by the financial preparation required to make it a reality.
A new survey from HomeEquity Bank highlights a significant gap between intention and planning. Just 13% of Canadians have considered the cost of Personal Support Worker (PSW) care as part of their future retirement plans. Even more concerning, only 6% have both planned for and can afford this vital form of support should they need it.
“Our research underscores a clear desire for Canadians to stay in their homes with access to in-home care,” Yvonne Ziomecki-Fisher, HomeEquity Bank’s Chief Customer, Brand and Advice Officer, said in a statement. “With limited retirement income — whether from pensions, investments, or equity locked in the home — it’s clear that greater awareness and proactive financial planning are urgently needed.”
The findings point to a growing disconnect: While aging at home remains the overwhelming preference, the financial groundwork to support that goal is often missing. As Canada’s population continues to age, bridging that gap will be essential, not just for individual well-being, but for the sustainability of the broader care system.
Majority of seniors prefer aging at home, but few understand the true cost
A growing number of older Canadians are expressing a clear preference for aging in place, even as rising costs and lack of awareness around in-home care present significant challenges.
An overwhelming 90% of respondents would choose to remain in their own home with support services rather than relocate to a long-term care facility. The sentiment has grown stronger in recent years: 82% said they would only consider assisted living if they could not afford in-home care, a five-percentage-point increase from just two years ago.
The reasons behind this preference are not difficult to understand. Aging at home often offers more autonomy, a familiar environment and closer proximity to family and community. However, while the desire to stay at home is common, many seniors remain in the dark about the financial reality of such a choice.
According to data from HomeEquity Bank, nearly two-thirds of Canadians aged 65 or older are unaware of the actual costs associated with in-home care. Depending on the level of support required and the region, hourly rates can range from $19 to $75 — a wide margin that could quickly strain a fixed income or unprepared household budget.
The disconnect between expectations and reality underscores the importance of early financial planning. Without a clear understanding of potential care expenses, many seniors risk being forced into institutional care despite their preferences.
Experts warn that as the population continues to age and demand for eldercare increases, costs are likely to rise further. With more Canadians planning to remain at home, public awareness and education around long-term care costs will be crucial in helping families make informed decisions.
The importance of personal support workers (PSWs) in home care
As Canadians increasingly prefer aging in place, the role of Personal Support Workers (PSWs) becomes more critical. According to HomeEquity Bank, 93% of Canadians aged 45 and older agree that PSWs positively impact the lives of Canadians of all ages .
However, despite the high regard for their work, PSWs often face challenging working conditions. A study published in the Canadian Medical Association Journal Open highlights that many PSWs experience precarious employment, low wages and job insecurity, which can lead to physical and mental health issues.
These challenges underscore the need for comprehensive discussions about the costs and support structures necessary to maintain quality in-home care. Recognizing and addressing the realities faced by PSWs is essential to ensure sustainable and effective care for aging Canadians.
Survey methodology
The survey of 1,001 Canadians aged 45 and above was conducted on behalf of HomeEquity Bank by Ipsos from May 2 to 5.
With files from Leslie Kennedy
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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