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A new poll by Money Wise Institute says about one quarter of Canadian parents are adjusting estate plans due to soaring healthcare costs.
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According to the institute’s latest survey, 27% of Canadian parents have revised their estate plans due to mounting healthcare expenses while 35% have told their heirs to expect a smaller inheritance than originally planned.
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“The cost of aging is no longer a future concern — it’s a now problem,” said Gary Teelucksingh, co-founder of Money Wise Institute and former global financial services CEO, in a statement.
“Too many Canadians enter retirement unprepared for the real price of growing older.”
The institute’s May research found 80% of Canadian parents cited the rising cost of living as the biggest threat to leaving an inheritance and 57% expect to spend most of their wealth during their lifetime.
“People are still planning for retirement as though it begins at 65 — but that’s just the starting line,” said Kelley Keehn, CEO of Money Wise Institute, in a statement.
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“Healthcare expenses are rising, lifespans are lengthening, and many seniors are being forced to spend down the assets they hoped to pass on. Without long-term care or critical illness insurance, they risk compromising not just their own security — but their family’s financial future too.”
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In the April study by the institute, 22% of parents reported feeling guilty about prioritizing their own financial security over leaving an inheritance—a tension that deepens when health issues enter the picture.
The Money Wise Institute is described as equpping “financial institutions with the research, tools, and training needed to support clients through life’s most emotionally complex money moments.”
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“Seniors Month (in June) is the ideal time to ask the tough but necessary questions, to properly plan for the cost of aging and to speak with family about ones wishes,” Keehn said.
The latest poll’s findings are from The Age of Broken Conversations, a survey conducted by the Money Wise Institute from March 25–27, 2025, among 1,510 Canadians on the Angus Reid Forum.
A probability sample of this size would carry a margin of error of +/-2.5 percentage points, 19 times out of 20.
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