New sponsorship aims to broaden awareness
of national caregiving needs in the face of longevity
TORONTO, April 23,
2024 /CNW/ - Scotia Wealth Management has teamed up
with Gordie Howe CARES to support clients and the caregiver
community while raising awareness of the importance of dementia
research, education, and care.
With innovations in health and wellbeing, the Canadian
population continues to live longer. But, as the population ages,
many are not living in good health. In Canada, one quarter of seniors over the age of
85 will have some form of dementia.
Scotia Wealth Management's sponsorship of Gordie Howe CARES will
enable further research, education and support to caregivers who
are dedicating their time caring for loved ones. Scotia Wealth
Management clients will have access to caregiving resources,
education, and a community to help empower themselves and those
around them.
"Many Canadians have not considered the financial impact of
living longer, including aging in place, long-term care costs and
caregiving needs," said Erin
Griffiths, Senior Vice President, Canadian Wealth
Management. "Through our Total Wealth approach, we are committed to
supporting our clients, and their families, by helping them plan
for the impact that increased longevity has on their financial
plans."
It is estimated that 650,000 caregivers will be called on to
support Canadians living with dementia by 2050. Gordie Howe CARES
provides caregivers of people living with Alzheimer's and
dementia-related diseases with support and education.
The impact of caregiving on time and cost is
substantial.
- According to Gordie Howe CARES, one in five Canadians have
experience caring for someone living with dementia.
- Gordie Howe CARES suggests that 10 to 12 is the average number
of individuals who are directly impacted for each person diagnosed
with dementia.
- According to the Canadian Institute of Actuaries (CIA), less
than one-in-three Canadians consider long-term care needs, though
only one-in-ten have set aside funds to pay for it.
- The National Institute on Aging (NIA) finds that half of
Canadians believe in-home care costs to be $1,100 per month but necessary care could more
likely cost $3,500 per month.
Scotia Wealth Management is supporting clients on their
caregiving journey.
With a unique team-based approach grounded in research, Scotia
Wealth Management delivers a Total Wealth plan for clients — an
approach that is evolving to reflect longevity, health and
wellbeing considerations.
"The journey of caregiving doesn't just affect an individual —
it has family, community, and economic impacts," said Dr. Zahinoor
Ismail, Chair of the Canadian Conference on Dementia, and Principal
Investigator of the nation-wide CAN-PROTECT study, funded by Gordie
Howe CARES, via the Hotchkiss Brain Institute. "As the caregiving
landscape changes and gets more challenging, the type of support
provided to Gordie Howe CARES by Scotia Wealth Management is very
welcome. This program can support caregivers across Canada, who are under immense amounts of
stress, and can also raise awareness of the cost of caregiving,
which is a barrier to many caregivers getting the help they
need."
Where to start
Learn more about Scotia Wealth Management and our Total Wealth
approach to help build a plan tailored for you, your family and
your future.
Learn more about Gordie Howe CARES and their mission to support
and understand the challenges faced by caregivers, health care
professionals and family and friends.
About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial
partner, to deliver sustainable, profitable growth and maximize
total shareholder return. Guided by our purpose: "for every
future," we help our clients, their families and their communities
achieve success through a broad range of advice, products and
services, including personal and commercial banking, wealth
management and private banking, corporate and investment banking,
and capital markets. With assets of approximately $1.4 trillion (as at January 31, 2024), Scotiabank trades on the
Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange
(NYSE: BNS). For more information, please visit
http://www.scotiabank.com and follow us on X
@Scotiabank.
SOURCE Scotiabank