Most Families Lack Plans for Long-Term Care Needs
A new international survey reveals that few households have formal strategies to manage the costs of aging family members.
Updated on Oct. 15, 2026 in Eldercare
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A Sunlife survey conducted by Earnscliffe reveals that only 19% of Canadians and 18% of Americans have a comprehensive plan for the care of an aging or sick relative. This low level of preparedness contrasts with 30% of respondents in several Asian nations who reported having an established caregiving strategy.
Why it matters
As the global population ages, families are facing mounting financial and time pressures that threaten to overwhelm current support structures. Without formal planning, households are increasingly forced to shoulder significant out-of-pocket costs and workplace disruptions while managing complex care responsibilities.
Caregivers dedicate an average of 89 hours monthly to responsibilities and spend $7,025 out of pocket annually. Unpaid care currently accounts for 75% of total care costs in Canada, where long-term care expenditures are projected to reach $58.5 billion by 2031.
The players
Sunlife
This organization is a financial services company that recently rebranded from Sun Life to Sunlife.
Earnscliffe
This is a public affairs and communications firm that conducted the caregiving preparedness survey in mid-September.
The details
The survey of 1,000 participants highlights a disconnect between the reality of aging populations and family readiness. With nearly half of Canadian caregivers missing work in 2021, the reliance on unpaid labor remains a central economic challenge for households.
Timeline
2018: One in four Canadians provided care for others.
2021: Half of Canadian caregivers reported missing work.
October 2026: The Sunlife survey was released.
Culture Shift
The transition away from familial care models toward professionalized eldercare is creating a significant societal strain. As populations age, the shift reflects a growing struggle to balance traditional expectations of unpaid family support with the realities of modern economic demands.
The lack of formal planning means families should assess their current savings and long-term care insurance options to mitigate the average $7,025 annual out-of-pocket expense. Residents should also review workplace leave policies that may provide support for the 89 monthly hours often required for caregiving duties.
The takeaway
Families should prioritize creating a formal caregiving plan to address the significant financial and time-based commitments associated with elderly care. Discussing long-term goals and potential costs early can help avoid the reactive, high-stress decision-making that often impacts workplace performance.
Further reading
Learn more about the evolving landscape of Eldercare and planning for the future.
Source note: This article includes information reported by The Globe and Mail.
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