Women are more worried than men when it comes to their need for future long term care and associated costs, according to a national survey for Manulife Financial.
Despite their concerns, they’re no more likely than men to factor long term care costs into their retirement planning.
Among survey respondents, 62% of women said they worry about the likelihood that they or their partner might need to go into a nursing home, assisted living facility or require care at home in the future, while only 49% of men share the same concern
As for the ability to pay for long term care, 63% of women said the worry about their ability to pay for care in a nursing home, assisted living facility or care at home someday, while only 50% of men report being worried about the ability to pay.
Despite their concerns, only 21% of women had factored long term care costs into their retirement plans, and only 20% of men have considered long term care costs in retirement planning.
Because most Canadian women will outlive their male partners, many women will need to use some or all of their retirement savings to support their partner’s long term care needs.
Manulfie suggests women can avoid falling short by proactively planning for their own long term care needs.
Manulife Financial commissioned Market Probe Canada to survey random sample of 1,008 Canadians in May 2007, ages 35-75, with annual household income of $50,000 or more. Margin of error is +/- 3.1%, 19 times out of 20.
Women worry more than men about future long term care needs: survey
Canadians failing to factor long term care costs into retirement planning
- By: IE Staff
- February 22, 2008 October 31, 2019
- 12:10