A new national survey suggests that a significant number of older Canadians are facing financial hardship, with about one in five people aged 50 and older living in conditions comparable to the poverty line. The findings come from a study conducted by the National Institute on Ageing, which surveyed more than 6,000 Canadians as part of its 2025 report on aging and quality of life.
The research highlights that roughly 20 per cent of respondents are experiencing what experts describe as “material deprivation.” Unlike traditional poverty measures that focus mainly on income levels, this approach examines whether individuals can meet everyday needs such as paying for dental care, heating their homes, buying groceries, or covering unexpected expenses.
According to experts involved in the survey, this broader measure provides a clearer picture of financial stress among older adults. Dr. Samir Sinha explained that many Canadians who may not fall below official poverty thresholds are still struggling with the cost of essential services and basic living expenses.
The survey also found that nearly 18 per cent of Canadians over 50 would have difficulty covering an unexpected expense of $500, while 11 per cent reported they could not afford dental care. Researchers say these financial pressures can have serious effects beyond personal finances, influencing health, independence and overall quality of life.
Experts warn that financial hardship often leads to other social challenges. The study found that 43 per cent of older Canadians are at risk of social isolation, while 57 per cent report experiencing loneliness. These trends have remained relatively unchanged since 2022, raising concerns about the broader well-being of aging Canadians.
Health experts say the combination of financial stress and social isolation can significantly affect physical and mental health. When people cannot afford transportation or other basic services, their ability to remain socially active and connected to their communities becomes increasingly limited.
The findings come as Canada prepares for a major demographic shift. According to Statistics Canada, the country already has more than 8.1 million people aged 65 or older, and that number is expected to grow rapidly in the coming years. As the population ages, researchers say the demand for health care, housing and social services will increase significantly.
While this demographic trend presents challenges, experts also point to potential economic opportunities in what is often called the “silver economy.” This refers to products, services and technologies designed to support the needs of older adults, particularly those who wish to remain living independently in their homes.
Researchers say ensuring access to affordable services and community supports will be key to helping older Canadians maintain their independence, health and quality of life as the country’s population continues to age.