News Releases
For the first time in history, Canadian adults have more parents than children. Currently, one-third of boomers in Canada assist aging relatives and more than one-third (36%) of those who are not expect to be doing so in the future*. To help clients provide this care and also receive the support they may need personally, BMO Financial Group today announced it has partnered with BEST in CARE – an impartial advisory service offering extensive eldercare information and caregiver support.
Available through select BMO investment professionals, BEST in CARE provides access to the most comprehensive online database of eldercare and caregiver services in Canada as well as unlimited phone and email consultations with industry experts. BEST in CARE enables caregivers to search for eldercare information in their community, including qualified elder care professionals, in-home services, long term care facilities and geriatric services that match specific needs, anywhere in Canada.
This resource will help BMO advisors and clients quickly narrow their search for the services required for aging relatives and BEST in CARE will also provide clients with the emotional support often necessary for the caregivers themselves.
“One of the greatest challenges of caregiving for boomers is that it adds to an already full life of competing concerns and priorities,” said Dr. Amy D'Aprix, Gerontologist and CEO of BEST in CARE. “We partnered with BMO and its advisors to help their clients give the best possible care to aging family members, while also taking best care of themselves.”
According to a BMO Financial Group/Ipsos Reid survey, of the one-third of boomers who are currently assisting aging relatives, 66 per cent say it has had some negative impact on their lives; 31 per cent say they have less time for themselves; 20 per cent have had to take time off work and 19 per cent say that they have been impacted financially. Adding to the pressure, 44 per cent of these boomers also financially support their children.
“In addition to offering clients access to these information and support services, we're also encouraging those boomers who are currently providing care or expect to do so in the future, to start planning for the impact this can have on their finances and lifestyle,” said Kris Vikmanis, Head of Retirement Market, BMO Financial Group.
“Our research has found that despite the increasing family pressures of caring for aging relatives, only 26 per cent of boomers have a plan for their own care in the event they personally need assistance when they get older. One of the advantages of planning in advance for the caregiving of others is that it encourages clients to consider the care they would prefer for themselves down the road, so they can start planning for it now,” added Vikmanis.
“Decisions and choices are far better made without the pressure of an immediate crisis. Doing your research, understanding your options and working with an advisor to discuss and plan for the financial implications is much easier when you're not operating in crisis mode,” said Dr. D'Aprix.
New Mid-life Reality
To encourage clients to start thinking about and planning for this new mid-life reality of taking care of themselves and aging family members, BMO yesterday hosted an event for clients in Toronto that included a panel discussion with actor Gordon Pinsent, star of Away from Her, a movie that deals with a retired couple's battle with Alzheimer's disease, Dr. Michael Baker, Physician-in-chief of the University Health Network and a member of the BMO Financial Group's Advisory Council on Retirement and Dr. Amy D'Aprix.
Other Ways BMO is Helping Clients Who Care for Aging Relatives
BMO Harris Private Banking offers a unique wealth management service, called enCircle™, designed to lessen the burden of financial management on seniors and their adult children. enCircle advisors work with clients and their families to tailor a plan that can include bill payment, investment management, estate planning, coordinating the filing of tax returns, applying for travel insurance, travel banking, as well as home and health care education. Since this service was launched in May 2005, the response from clients has been extremely positive, confirming that professional assistance with managing financial affairs later in life is valuable to both seniors and their families.
In addition, BMO Financial Group launched a podcast series this year that examines the emerging issues facing Canadian boomers who are approaching retirement. Hosted by Pamela Wallin, a journalist for more than 30 years and a member of BMO's Advisory Council on Retirement, recent podcasts include interviews with Dr. D'Aprix and Dr. Baker on caring for yourself and others.
The podcasts can be downloaded from BMO's retirement website at: www.bmo.com/retirementyourway.
*Based on an online survey conducted by Ipsos-Reid, February 27 – March 2, 2007, among a randomly selected sample of 2,195 Canadians aged 45-60.
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