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Most boomers don't want to move from their homes in retirement, poll finds

Posted on Nov 4, 2013 in Mortgage Market Updates and News

BERTRAND MAROTTE
The Globe and Mail
 
 
Aging boomers don’t want to move out of their homes as they head into retirement, according to the results of a new poll.
 
A majority of Canadians aged 50 and over – 83 per cent – said staying in their own homes and paying for home care is the most appealing option for them, says the Royal Bank of Canada survey released Thursday.
 
The option of living in a retirement residence with care provided was second on the list, selected by 50 per cent of those polled.
 
Coming in last at 24 per cent is the possibility of living with family members who could assist with home care.
 
The respondents in the poll could choose more than one option.
 
“Remaining in familiar surroundings – in a home of their own, in their current neighbourhood and close to family and friends – is definitely how Canadian Boomers with to live when future health changes occur,” RBC head of retirement strategies and successful aging Amalia Costa said in a news release.
 
The annual poll also found that, among those surveyed who were already retired, a decision to move out of their home was most often due to a change in their health – 66 per cent – rather than for downsizing reasons.
 
“Making the decision to leave the family home is never an easy one and there is even more to consider when the move is prompted by changes in health,” said Audrey Miller, managing director of Elder Caring Inc., a geriatric care management company.
 
“The good news is there are so many options now available, from condos and seniors’ apartments – for those who may be finding the maintenance of their home to be a challenge – to supportive retirement residences and long-term care facilities that offer various levels of support and medical care.”
 
The poll was conducted via online interviews by Ipsos Reid between Feb. 27 and March 12, 2013. It is based on a national sample – from Ipsos Reid’s Canadian online panel – of 2,159 adults aged 50 and over with household assets of at least $100,000. A survey of this size and a 100-per-cent response rate would have an estimated margin of error of plus or minus two percentage points, 19 times out of 20.

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