Four in Ten (42%) Are Concerned They'll Have To Care For Their Parents When They Get Older

Toronto, ON - A new poll conducted on behalf of RBC Insurance by Ipsos-Reid, and released today, shows that four in ten (42%) Canadians are concerned that they are going to have to care for their parents when they get older. As well, nearly half (47%) of Canadians are concerned about becoming a burden to someone when they get older. Despite these concerns, just 12 percent of Canadians currently have Long Term Care insurance.

These are the findings of an Ipsos-Reid/RBC Insurance poll conducted between May 22nd and May 26th, 2002. The poll is based on a randomly selected sample of 1,000 adult Canadians. With a sample of this size, the results are considered accurate to within 177 3.1 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. These data were statistically weighted to ensure the sample's regional and age/sex composition reflects that of the actual Canadian population according to the 1996 Census data.

42% Are Concerned With Having to Care For Their Parents...

As the baby boomer population ages, four in ten (42%) say that they are concerned that they are going to have to care for their parents when they get older.

• The younger generation, age 18 to 34, (53%) are mostly likely to be concerned that they are going to have to care for their parents when they get older.
• Canadians from Atlantic Canada (48%), Ontario (45%) and BC (43%) are mostly likely to be concerned that they are going to have to care for their parents when they get older.

47% Are Concerned With Becoming A Burden...

Nearly half (47%) of Canadians report being concerned about becoming a burden to someone when they get older. As well, Canadians feel this way despite the fact that 76 percent feel confident they'll have sufficient funds to cover their own expenses as they get older.

• Women (53%) are more likely to be concerned about becoming a burden to someone when they get older compared to men (41%).
• Canadians from Atlantic Canada (61%) and Alberta (57%) are most concerned about becoming a burden to someone else when they are older.

48% Have Heard of Long Term Care Insurance...

Just half (48%) of Canadians have heard of Long Term Care insurance.

• Awareness of Long Term Care insurance is highest in Ontario (54%) and lowest in Alberta (40%).
• Younger Canadians, age 18 to 34, (42%) are least likely to have heard about Long Term Care insurance, while Canadians age 55+ (56%) are most likely.

But Only 12% Have It ...

One-quarter (25%) of those who have heard about Long Term Care insurance, or just 12 percent of Canadians, currently have Long Term Care insurance.

• Quebecers (15%) are most likely to have Long Term Care insurance, followed by residents of Ontario (14%), Atlantic Canada (13%), Saskatchewan/Manitoba (11%), Alberta (9%), and BC (6%) .
• Men (15%) are more likely to have Long Term Care insurance than women (10%).
• Canadians in the middle age group, 35 to 54, (17%) are most likely to have Long Term Care insurance.

And Beyond The 12% Who Already Have Long Term Care Insurance Another 33% Want to Hear About It...

More than one-third (37%) of those who don't have Long Term Care insurance say that they are interested in hearing more about it from a financial advisor. That means that after the calculations, 33 percent of Canadians (beyond the 12% who currently have Long Term Care insurance) are interested in hearing more about it from a financial advisor.

Further, six in ten (62%) of those who currently have a financial advisor but do not have Long Term Care insurance say it is important for their advisor to inform them about Long Term Care insurance as part of their product portfolio.

• Those from Saskatchewan/Manitoba (78%) and Alberta (75%) are most likely to feel it's important for their advisor to inform them about Long Term Care insurance.

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For more information on this news release, please contact:

John Wright
Senior Vice-President
Public Affairs
Ipsos-Reid
(416) 324-2900