Key Takeaways:
- Canadians are living longer, but many are not preparing for retirement and are worried about their financial security
- The majority of Canadians want to age in place, but many have not made modifications or plans to prepare their homes
- Ageism is a common experience for many Canadians, with 70% of those aged 50 and over reporting everyday ageism
- Adult children are often a factor in delaying downsizing and retirement plans for many Canadians
- Planning for purpose and social connection in retirement is crucial for mental health and well-being
Introduction to the Issue
Canadians are getting older, and while this can be a positive development, it also presents several challenges. The National Institute on Ageing’s 2025 Ageing in Canada Survey, conducted in partnership with Manulife and Abacus Data, provides valuable insights into how Canadians are feeling about growing older, retirement, and their plans for the future. The survey reveals that Canadians are living longer, but many are not preparing for retirement and are worried about their financial security. In fact, the share of people who say they can afford to retire when they want has dropped to 29%, down from 35% in 2022.
The Challenges of Aging
The survey paints a worrying picture of how older Canadians are feeling. Positive feelings about aging have fallen to 57% from 62% in 2024, the steepest drop since the survey began. More than half of respondents reported experiencing loneliness, and 43% are at risk of social isolation. These numbers have not changed since 2022, highlighting the need for greater support and connection for older Canadians. Furthermore, the survey found that 70% of Canadians aged 50 and over reported experiencing everyday ageism, such as subtle comments, jokes, and assumptions about aging. This is a significant concern, as ageism can have a profound impact on a person’s mental and physical health.
Housing and Aging
When it comes to where people want to age, the preference is clear: 81% of respondents want to stay in their current home or move to a smaller one for as long as possible. However, there is a disconnect between this desire and reality, with 62% saying they haven’t made any modifications or plans to prepare their home for aging in place. This can lead to significant financial and emotional strain, as families struggle to care for their loved ones in their own homes. For example, a family may need to install grab bars, ramps, or other accessibility features to ensure their home is safe and accessible for an aging parent.
Healthcare and Aging
There were some positive findings in the survey, particularly on the healthcare front. The share of Canadians who say they can’t afford dental care dropped to 11% in 2025 from 16% a year earlier. The NIA pointed to the new Canadian Dental Care Plan as a likely reason for this improvement, highlighting the impact of public policy on healthcare outcomes. The plan provides dental care to Canadians under a certain income threshold, which has helped to reduce the financial burden of dental care for many families. Additionally, the survey found that Canadians are taking steps to prioritize their health, with many reporting regular exercise and healthy eating habits.
The Importance of Planning
Naveed Irshad, president and CEO of Manulife Canada, emphasized the importance of planning for longevity. It’s not just about living longer, but about "adding life to those years," he said. This starts with a strong foundation in financial planning, which can help Canadians achieve their goals and live a fulfilling life in retirement. For example, Canadians can start by creating a retirement plan, which includes setting clear financial goals, estimating expenses, and developing a strategy for generating income in retirement. They can also consider working with a financial advisor to get personalized advice and guidance.
The Role of Adult Children
The survey also highlights the impact of adult children on downsizing and retirement plans. Many Canadians are delaying selling their homes and downsizing because their adult children are still living with them. This can have significant financial implications, as well as emotional ones. For example, Andy Doyle and Darcy Eaton, a couple from Vancouver, had planned to sell their home and downsize, but their adult children are still living with them. While they are happy to support their children, they are also aware of the financial implications of delaying their retirement plans.
Conclusion
In conclusion, the National Institute on Ageing’s 2025 Ageing in Canada Survey provides valuable insights into the challenges and opportunities of aging in Canada. While Canadians are living longer, many are not preparing for retirement and are worried about their financial security. The survey highlights the importance of planning for longevity, including financial planning, healthcare, and social connection. By prioritizing these areas, Canadians can live a fulfilling and purposeful life in retirement, and add life to their years. Ultimately, it is crucial for Canadians to start planning for their retirement now, and to consider seeking professional advice to ensure they are on the right track.