Caring for a loved one? Nearly three-quarters of Canadian caregivers willing to sacrifice their financial security

EmitenTrust.com New Edward Jones Canada research reveals the financial, emotional and lifestyle sacrifices associated with financial caregiving responsibilities

TORONTO, Oct. 14, 2026 /CNW/ -- More than 3.6 million Canadians currently serve as financial caregivers for an adult aged 65 or older. According to The Financial Impact of Caregiving, a new research report from Edward Jones Canada conducted in partnership with Age Wave and The Harris Poll, 71 per cent of caregivers entered the role with little or no planning. At the same time, nearly three-quarters (73%) said they would sacrifice their own financial security to support a loved one. The research also found that financial caregivers contribute approximately $20 billion annually in support of their care recipients.

 "When it comes to caregiving, financial responsibilities often remain hidden behind the emotional and physical support that families provide every day," said Scott Sullivan, Principal, Canada Business Segment Leader, Edward Jones. "Like an iceberg, the bulk of a caregiver's demands sit beneath the surface. Millions of Canadians are quietly managing bills, accounts and financial decisions for loved ones, often for years at a time, while putting their own financial well-being at risk. That's a profound act of care, but one that shouldn't have to happen without preparation and support."

The true cost of caregiving

The financial pressure associated with caregiving is significant. Nine in ten (92%) Canadian caregivers spend money out of pocket on behalf of the person in their care and 84 per cent are not reimbursed in full, with their average out-of-pocket spending totaling $7,025 annually. 

Those costs often come at the expense of caregivers' own financial goals, with 44 per cent reducing or stopping savings, 25 per cent reducing retirement contributions, 23 per cent taking on additional work or shifts, and 22 per cent borrowing money, increasing debt or delaying repayments. Some are also making major career sacrifices, with 22 per cent giving up career opportunities or promotions and 21 per cent stopping work entirely.

"Caregiving can reshape every aspect of a person's life, including their finances," said Tracey McLennan, Head of High Net Worth and Legacy Planning, Edward Jones Canada. "Being a caregiver myself, I know how easy it is to focus entirely on the needs of a loved one while neglecting your own needs. Whether it's drawing on savings, postponing retirement goals or putting career aspirations on hold, these decisions can compound over time and, without a plan in place, impact the caregiver's long-term financial well-being."

At the same time, the impact extends well beyond finances. Nearly half (49%) say caregiving has negatively affected their own health, while 83 per cent report at least one significant lifestyle impact, including cutting back on personal spending, spending less time with family and friends, delaying major purchases or medical care, or putting off important life milestones.

Canadians caring for disabled adults aged 18-64 often face an even longer and more financially demanding journey. Compared with caregivers of adults 65+, they spend more time providing care (94 hours per month vs. 89), are more likely to make direct financial contributions (60% vs. 52%) and personal financial sacrifices (57% vs. 46%) and are more likely to report that caregiving has negatively affected their health (57% vs. 49%).

A generosity paradox

The research reveals a striking tension at the heart of caregiving. While 84 per cent of Canadian caregivers say they do not want to become a burden on their own families in the future, 73 per cent say they would reduce their own financial security to support a loved one today.

Canadians' willingness to put loved ones first is reflected in the rewards they find in caregiving, with more than half (53%) saying the best part is knowing their loved one is well taken care of and protected, while 46 per cent value the opportunity to give back to someone who gave so much to them.

"Caregivers step up every day to support the people they love, yet their experiences are often not fully understood or supported," said Liv Mendelsohn, Chief Executive Officer of the Canadian Centre for Caregiving Excellence. "This research paints a more complete picture of the caregiving experience, including the rewards of caring and the significant financial and personal consequences many caregivers face. Too many caregivers are navigating this role without planning or the resources they need. When we better understand the realities and financial sacrifices involved in caregiving, we can more effectively connect caregivers and the people they care for to the support they need to thrive."

Caregiving is changing how Canadians prepare for their own futures

For many Canadians, the experience of caregiving becomes a catalyst for action. More than three-quarters (76%) say caregiving has changed how they prepare for their own future, prompting them to get their financial information organized, update wills and legacy plans, increase savings, speak with family members and seek professional financial guidance.

Approximately half (51%) of financial caregivers currently work with a financial advisor, and among them, 43 per cent say they first sought professional advice because of caregiving responsibilities.

"Families often spend years preparing for milestones like post-secondary education, homeownership and retirement, yet caregiving is rarely planned for in the same way," said Sullivan. "Having conversations early and working with a financial advisor can help families prepare for the demands of financial caregiving and make decisions together before they feel pressured by life circumstances."

A snapshot of financial caregivers' time:

• More than three-quarters (76%) of financial caregivers are employed, including 64 per cent who work full-time. More than half (54%) are sandwiched; caring for an older adult while supporting at least one child.
• Canadian caregivers spend an average of seven years in the role and dedicate approximately 89 hours each month, or roughly three hours a day to fulfilling caregiving duties.
• Nearly seven in ten (69%) caregivers whose care recipient died remained responsible for financial and legacy matters afterward, spending an average of 9.7 months settling affairs such as estates, financial accounts and personal property.

Key takeaways:

• Financial caregivers contribute approximately $20 billion annually in support of their loved ones.
• More than 3.6 million Canadians currently serve as financial caregivers for an adult aged 65 and older.
• Seven in ten (71%) entered the role with little or no planning.
• Caregivers spend an average of $7,025 annually in unreimbursed personal funds supporting aging loved ones.
• While 84% do not want to become a burden on their own family, 73 per cent would sacrifice their own financial security to support a loved one.
• More than three-quarters (76%) say caregiving has changed how they prepare for their own future.

About the research

Financial caregiving can be defined as the support provided to help manage the financial well-being of a loved one; including contributing to their expenses, making personal financial sacrifices, overseeing their financial affairs, and helping plan or manage legacy matters.

The study was conducted by Age Wave on behalf of Edward Jones in partnership with The Harris Poll. After a thorough review of secondary research, we conducted qualitative research with financial caregivers through online focus groups and an online bulletin board.

As part of the investigation, The Harris Poll fielded an online representative survey of 3,223 U.S. adults 18+ and 2,152 Canadian adults 18+ who are financial caregivers to adults aged 65+ or adults aged 18-64 with disabilities. The survey was conducted from May 13 to June 9, 2026. Data from each survey were weighted where necessary to align with their actual proportions in the population.

About Edward Jones Canada

Edward Jones is a full-service investment dealer which provides a range of investment products, services, and solutions to retail investors. We have more than 870 financial advisors in Canadian communities from coast-to-coast. A member of the Canadian Investment Regulatory Organization and the Canadian Investor Protection Fund, the firm is also a participating organization in the Toronto Stock Exchange. For more information, visit edwardjones.ca.

About Age Wave

Age Wave is the nation's foremost thought leader on population aging and its profound business, social, financial, healthcare, workforce, and cultural implications. Under the leadership of co-founders Ken Dychtwald, PhD, and Maddy Dychtwald, Age Wave has developed a unique understanding of new generations of maturing consumers and their expectations, attitudes, hopes, and fears regarding their longer lives. Since its inception in 1986, the firm has provided breakthrough research, compelling presentations, award-winning communications, education and training systems, and results-driven marketing and consulting initiatives to over half the Fortune 500. For more information, please visit www.agewave.com. (Age Wave is not affiliated with Edward Jones.)

About Harris Poll

The Harris Poll is one of the longest-running and most respected surveys in American history, tracking public opinion, corporate reputation, and brand health since 1956. As part of Stagwell, The Harris Poll delivers research, analytics, and measurement solutions to some of the world's leading brands. With a global research reach of more than ninety countries, The Harris Poll offers advisory services across sectors to world leaders, CEOs, and business decision-makers with state-of-the-art analytics, real-time software services, and practitioners in marketing, reputation, customer experience, trends, futures, and thought leadership/research-for-public release. The Harris Poll translates shifting social sentiment into a competitive marketplace advantage. The Harris Poll is a Stagwell (NASDAQ: STGW) company. (The Harris Poll is not affiliated with Edward Jones.)

SOURCE Edward Jones