HomeEquity Bank, provider of the CHIP Reverse Mortgage, is celebrating Personal Support Workers Day 2022 (PSW Day) on May 19 with its first-ever Home Care Heroes Award. The award was created to acknowledge the vital work that thousands of Personal Support Workers (PSWs) provide for Canadians who want to age in-place – something that HomeEquity Bank believes all Canadians should have the right to do. Canadians overwhelmingly agree, with 95 per cent of adults 45+ saying being able to age in-place would allow them to maintain their independence, comfort and dignity.
HomeEquity Bank believes that providing affordable access to PSWs for all Canadians who desire to age in-place with in-home care should be a national priority. According to new research, 79 per cent of Canadians aged 45 and up would only consider long-term care or assisted living if they couldn’t afford in-home care.SURVEY SHOWS DESIRE TO AGE IN-PLACE AND MASSIVE NEED FOR PSW FUNDING
To illuminate the level of desire for PSW support – and the financial challenges preventing Canadians from accessing a PSW – HomeEquity Bank is releasing new Ipsos survey data from adults aged 45+.
- 92 per cent want to age in-place for as long as possible
- Only 12 per cent report having enough room in their budget for in-home care, which can cost between $150 and $600 per day1
- When asked what they would cut in their budget if they needed to afford a personal care worker, respondents1 highlighted the following financial sacrifices they would consider:
- 63 per cent would be willing to alter their travel and entertainment spending, 50 per cent would revise their budget for important home renovations
- 17 per cent would adjust their budget for paying down debt
- 42 per cent would forego leaving a legacy for their family
Perhaps most alarming, though:
- 23 per cent say they would sacrifice food and living expenses if they needed to make a budget cut to afford the home support that would allow them to age in-place, something that may become more difficult with inflation
- 13 per cent would alter their budget for costly medications
HOME CARE HEROES NOMINATIONS OPEN TO RECOGNIZE IMPORTANCE OF PSWS TO OLDER CANADIANS
To shine a light on the importance of PSWs, HomeEquity Bank’s Home Care Heroes Award will give Canadians the opportunity to nominate a PSW who has made a positive impact in their life or the life of someone they love. Three winning nominations will receive $2,500 each to acknowledge their important work and contributions.
From May 16 – June 6, Canadians 55+, their families, or businesses that engage with PSWs can nominate a PSW as a HomeEquity Bank Home Care Hero. Three Home Care Heroes will be announced by HomeEquity Bank the week of June 13th, with each winner receiving $2,500.
To nominate a Home Care Hero, visit: Home Care Heroes Nomination Form.
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