Reasons why they “have to” or “want to”
Study conducted by Home Instead Senior Care
These days, it is not uncommon to find seniors and aging parents working through their retirement years – given the economic climate and inflation. Research by Home Instead Senior Care shows aging parents either need financial help (69%) or are helping their adult children (12.4%) with finances. The survey results indicate aging parents might feel that they have to work after 65, in order to:
– Keep up with rising living expenses, such as food and clothing
– Assist adult children with big purchases such as homes and vehicles
– Pay for health care bills and medications not covered by OHIP
On the other hand, seniors who are not experiencing financial stress or obligations may simply want to work to:
– Fulfill a feeling of self-worth
– Know they are contributing to society
– Stay busy and pass time
– Learn new skills and improve memory
– Avoid depression and loneliness, especially if they are single or widowed
Since seniors make up the majority of the Canadian population, it is important to recognize and understand the role they play in the economy and society. There are several programs like Home Instead that assist with educating families about senior living, as well as provide resources and jobs to able-bodied seniors who are looking for employment.
For seniors and families seeking financial planning, estate planning and wealth management advice, please contact us at DFS Private Wealth to speak with an advisor. We are here to help.