Dr. Samir Sinha, AgeTech Insights Fellow, was recently interviewed about a new report, which found that one in five Canadians over age 50 is living at a “poverty-level” standard of living, highlighting growing financial strain among older adults. Rather than relying solely on income thresholds, the study measures “material deprivation”—whether people can afford basic necessities like housing costs, healthcare, transportation, and unexpected expenses.
The findings show many older Canadians are struggling with everyday costs, with significant numbers unable to cover even modest emergency expenses or essential services such as dental care. Rising living costs, limited savings, and fixed or modest retirement incomes are key drivers of this pressure.
Certain groups are more vulnerable, including those aged 50–64, renters, women, and individuals in poorer health or with lower education levels. The report also links financial hardship to broader issues like social isolation, declining health, and reduced ability to participate in community life.
Overall, the article underscores a growing affordability crisis among older Canadians and suggests that traditional income-based measures may underestimate the true extent of financial hardship.
