One-in-four Canadian parents adjust estate plans due to soaring healthcare costs

Costs are quietly reshaping Canadian retirement and inheritance plans

/EIN News/ -- TORONTO, June 17, 2025 (GLOBE NEWSWIRE) -- As Canada marks Seniors Month, new national research from the Money Wise Institute is raising a red flag: rising healthcare costs are forcing a growing number of Canadians to make difficult trade-offs in retirement and inheritance planning.

According to the Institute’s latest survey, more than one-in-four Canadian parents (27%) have revised their estate plans due to mounting healthcare expenses, while 35% have told their heirs to expect a smaller inheritance than originally planned. With inflation, long-term care gaps, and aging-related costs accelerating, retirement is becoming more expensive—and less predictable—than many Canadians envisioned.

“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. “Too many Canadians enter retirement unprepared for the real price of growing older. And most financial professionals haven’t been trained to guide families through these emotionally charged decisions. That’s why we built the Institute—to close that gap.”

This release builds on the Institute’s Age of Broken Conversations series, which revealed a growing gap between what parents intend to leave behind and what their heirs expect. 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. “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.”

Beyond financial strain, the emotional toll is rising too. 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 calling on Canadians, advisors, and institutions to take a more proactive approach to legacy protection—reframing retirement conversations to include not just income, but care needs, family impact, and emotional readiness.

“Seniors Month 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,” said Keehn.

About the Research:
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. The survey was conducted in English and French. A probability sample of this size would carry a margin of error of +/-2.5 percentage points, 19 times out of 20.

About Money Wise Institute:
Co-founded by Kelley Keehn and Gary Teelucksingh, Money Wise Institute equips financial institutions with the research, tools, and training needed to support clients through life’s most emotionally complex money moments. Through original studies, accredited education, and practical engagement strategies, MWI helps modernize how the financial industry prepares for—and protects—intergenerational wealth.

Visit the Money Wise website here: Money Wise Institute | Enhance Financial Growth.

For interview requests, media assets, or a copy of the full report, please contact:
Julia Koichopolos 
Maverick PR 
416-938-2882