A study conducted by bankruptcy trustee Hoyes, Michalos & Associates has found that Canadians age 60 and over hold, on average, total unsecured debts of more than $69,000, and almost half of that debt is credit card debt. Seniors also have the highest amount of payday loans of all demographic groups, owing an average of $3,693.

The Canadian Life and Health Insurance Association (CLHIA) further reports that 74 per cent of Canadians do not have a financial plan in place to pay for long term care, and Canada faces a $600 billion funding shortfall to pay for expected long term care needs. Since neither governments nor insurance companies are advocating for the need to plan for your aging years, Canadians and their professional advisors must step up to the plate and plan both financially and personally for long term care.