News Releases

BMO Harris Private Banking and Elder Care Expert Discuss the Needs of an Increasingly Aging Population

WHAT:	Canada's aging population is growing at unprecedented levels. By 2020, the number of Canadians 65 years or older will double from its current level of 3.5 million and the fastest growing segment of the Canadian population is 85 and older. In the high net worth market, 32 per cent of Canadians with $1 million or more in investable assets are now over the age of 70 and this percentage is also expected to increase dramatically in the next decade. Families with aging parents are often ill prepared to deal with the significant changes that come with aging. For example: Only 36 per cent of children with aging parents report having discussed long-term care with their parents And 63 per cent claim a profound sense of guilt if their parents aren't adequately provided for As this demographic change takes effect, all of the associated challenges - from chronic illness and dementia to care giving and estate planning - are quickly becoming a reality. Seniors and their families are already feeling an increased sense of urgency to address the inevitable financial uncertainties and burdens associated with this shift.
WHY:	On May 5, BMO Harris Private Banking and leading geriatric specialist, Dr. Margaret MacAdam, will discuss the challenges posed to Canada's aging population and their families via one-on-one media interviews. The discussion will cover a variety of pressing issues and potential solutions, including a new private banking service for affluent seniors. Dr. MacAdam and Jean Blacklock will also discuss how families can prepare for the inevitable changes ahead.
WHO:	Dr. Margaret MacAdam President of the Age Advantage Inc. and Associate Professor in the Faculty of Social Work at the University of Toronto, as well as co-author of Care for Frail Elders: Developing Community Solutions Terry Jenkins Senior Vice-President & Executive Managing Director BMO Harris Private Banking Jean Blacklock Vice-President and Managing Director, Personal Trust Services BMO Harris Private Banking
WHEN:	Thursday, May 5, 2005 (interviews will be scheduled between 10:00 a.m. and 2:00 p.m.)
WHERE:	10^th Floor, First Canadian Place

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