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.

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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

Copyright 2024 Canada NewsWire

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