Retirement News : Seniors : BMO Harris Private Banking and elder care expert discuss the needs ...

BMO Harris Private Banking and elder care expert discuss the needs ...

Date Added: 03-05-2005

TORONTO, May 2

    WHAT:        Canada's aging population is growing at unprecedented
                 levels. By 2020, the number of Canadians 65 years or older
                 will double from its current level of 3.5 million and the
                 fastest growing segment of the Canadian population is 85 and
                 older. In the high net worth market, 32 per cent of
                 Canadians with $1 million or more in investable assets are
                 now over the age of 70 and this percentage is also expected
                 to increase dramatically in the next decade.

                 Families with aging parents are often ill prepared to deal
                 with the significant changes that come with aging. For
                 example:
                 -  Only 36 per cent of children with aging parents report
                    having discussed long-term care with their parents
                 -  And 63 per cent claim a profound sense of guilt if their
                    parents aren't adequately provided for

                 As this demographic change takes effect, all of the
                 associated challenges - from chronic illness and dementia to
                 care giving and estate planning - are quickly becoming a
                 reality. Seniors and their families are already feeling an
                 increased sense of urgency to address the inevitable
                 financial uncertainties and burdens associated with this
                 shift.

    WHY:         On May 5, BMO Harris Private Banking and leading geriatric
                 specialist, Dr. Margaret MacAdam, will discuss the
                 challenges posed to Canada's aging population and their
                 families via one-on-one media interviews.

                 The discussion will cover a variety of pressing issues and
                 potential solutions, including a new private banking service
                 for affluent seniors. Dr. MacAdam and Jean Blacklock will
                 also discuss how families can prepare for the inevitable
                 changes ahead.

    WHO:         Dr. Margaret MacAdam
                 President of the Age Advantage Inc. and Associate Professor
                 in the Faculty of Social Work at the University of Toronto,
                 as well as co-author of Care for Frail Elders: Developing
                 Community Solutions

                 Terry Jenkins
                 Senior Vice-President & Executive Managing Director
                 BMO Harris Private Banking

                 Jean Blacklock
                 Vice-President and Managing Director, Personal Trust
                  Services
                 BMO Harris Private Banking

    WHEN:        Thursday, May 5, 2005 (interviews will be scheduled between
                 10:00 a.m. and 2:00 p.m.)

    WHERE:       10th Floor, First Canadian Place

For More Information:

http://www.newswire.ca/en/releases/archive/May2005/02/c3065.html