Almost Half (46%) of Canadians Expect a Permanent Impact on their Finances Following a Serious Health Event

Toronto, ON - Almost half (46%) of Canadians feel that a major health event would have a big, possibly permanent impact on their personal finances, according to a new Ipsos Reid poll conducted on behalf of Sun Life Financial. Over one third (36%) feel that a major health event would have a manageable, temporary impact, and less than one in five (18%) would not expect any impact. Canadians age 45 to 54 (85%) and Canadians age 35 to 44 (85%) are more likely to expect either a big, permanent impact or a manageable, temporary impact, compared to those age 18-24 (82%), 25-34 (83%), 55-64 (82%), and 65 plus (71%).

High Costs of Healthcare for those with a Serious Health Problem...

Almost three in ten (28%) Canadians have experienced a serious health problem, with over one in ten experiencing a chronic or degenerative condition (13%), one in ten experiencing a serious accident (10%), or major health event like a heart attack (9%), and 2% have experienced a terminal illness. Among those that have experienced a serious health problem, over one in five say it has reduced/depleted their savings (22%) or caused some financial hardship (22%), and less than one in five (18%) say it has caused significant financial hardship. One in five (22%) have increased their credit card debt, or borrowed money from family/friends (12%). One in ten (9%) have had to use some of their RRSPs, while 5% say it has affected their current housing situation. Over four in ten (44%) said their serious health problem had no impact on their personal finances.

Many Canadians are unprepared when it comes to setting aside money for these types of expenses, with only one in ten (13%) agreeing that they have money specifically saved for health expenses. Eight in ten (81%) do not have money saved, and 7% don't know if they have money specifically set aside for healthcare expenses. Moreover, one in five (20%) Canadians neither have money specifically saved nor do they have personal or group insurance coverage.

With serious health problems having a significant impact on the budget, it is not surprising that only one in four (23%) say that nothing causes excessive or uncomfortable amounts of stress to them. The top contributor to excessive stress for all groups is financial stress, with over one in three (35%) citing this as the biggest stressor in their lives. One in five name family (22%), personal health (22%), and employment (19%) as their top contributors to excessive or uncomfortable stress.

These are some of the findings from an Ipsos Reid survey conducted between May 10 and May 24, 2013, on behalf of Sun Life Financial. A sample of 2400 Canadians were interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/- 2.3 percentage points had all Canadians been surveyed. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

For more information on this news release, please contact:

Sean Simpson
Associate Vice President
Ipsos Reid Public Affairs
416.572.4474
[email protected]

About Ipsos Reid

Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.

To learn more, please visit www.ipsos.ca.

About Ipsos

Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. In October 2011 Ipsos completed the acquisition of Synovate. The combination forms the world's third largest market research company.

With offices in 85 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.

Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.

Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of e1,789 billion (2.300 billion USD) in 2012.