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CA
Caregivers facing greater financial strain, lower retirement confidence: survey
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Benefits Canada.com
Seven in 10 (69 per cent) said debt is a problem and 20 per cent have taken on new or additional debt as a result of being a caregiver.
More than half (53 per cent) of caregivers said they have household incomes of US$75,000 or more, compared to 62 per cent of non-caregivers.
Among those with household income of less than $35,000, 75 per cent said they aren’t confident they’ll have enough money to live comfortably throughout retirement, compared to 55 per cent of non-caregivers.
“Caregivers are doing many of the same planning activities as non-caregivers, but they are more likely to face debt, lower assets, mental-health strain and lower confidence about their long-term financial future.
That combination can make it much harder to build and preserve retirement security.”