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NIA and Sun Life Embark on New Research Partnership to Improve Financial Security for Older Canadians
NIA and Sun Life Embark on New Research Partnership to Improve Financial Security for Older Canad...
About this update from Sun Life Financial Inc.
[{"type":"text","content":"\n \n \n \n NIA and Sun Life Embark on New Research Partnership to Improve Financial Security for Older Canadians\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 22, 2023\n \n \n /CNW/ - The National Institute on Ageing (NIA) is proud to announce a new research partnership with Sun Life that will seek to identify barriers to financial security for older Canadians and find solutions that can help overcome them.\n \n \n With a contribution from Sun Life of\n \n $300,000\n \n over three years, the NIA will research some of the key financial, health, and mental issues facing ageing Canadians. The work will focus on those in the long-term care (LTC) system and the challenges that prevent some members who have paid into a pension plan from accessing the savings they are owed.\n \n \n \n Canada's\n \n health care and support systems have not kept pace with its rapidly ageing population. The latest Statistics Canada data shows that Canadians aged 65 years and older comprise 19% of the population, and their care accounts for almost half of all health care spending. Costs are also surging for LTC services — through both publicly funded LTC homes and home care in private dwellings.\n \n \n \"The most recent estimates show that governments across\n \n Canada\n \n spend\n \n $38 billion\n \n on LTC services, and demand keeps rising,\" says\n \n Alyssa Brierley\n \n , NIA Executive Director. \"Research investigating both private and public financing solutions for LTC, and the feasibility and impact of these options, is imperative as our population continues to age.\"\n \n \n The NIA partnership with Sun Life will also examine the growing problem of \"missing members.\" Over the years, some plan administrators lose contact information for their members — due to members moving, changing banks, passing away or other causes — which can prevent them from receiving pension payments or key communications about their pensions. This leaves millions of dollars in workpla...