With about one third of adults now caring for aging parents as well as raising their own children and planning for retirement; advice on how to access information, services, emotional support and financial services is necessary.

Video Transcription

Martin Vanderwoude: Jean is in the same position as many Canadians not only as she is raising her own family, she is also helping her aging mother. About one third of boomers in Canada right now or assisting aging relatives and a recent survey shows many more expect to be doing so in the future. Dr. Amy D'Aprix: For the first time in history Canadians adults have more parents than children. Martin Vanderwoude: Doctor Amy D'Aprix knows what she is talking about. She is an author and life transition consultant for BMO Financial Group. Dr. Amy D'Aprix: Looking after an elderly family member can be a huge challenge. Emotions are often running high and they are major financial implications. That's why it make sense to do your research, know your options and work with your financial advisor to plan ahead of time for the care for your loved one. Otherwise unforeseen circumstances may force you to make difficult decisions without the opportunity of doing good planning. Martin Vanderwoude : You may not think of a financial institution as the first place to turn to for answer to care giving question but BMO Financial Group is taking the lead in Canada by focusing on more then just the financial aspects of care giving, the bank can provide the financial services clients need when dealing with care giving issues. It can also help clients access the non financial support they may require. Emmaunel Hergott: Our clients tell us that looking after their after their aging parents goes well beyond managing for their physical care. In fact the financial cost of care giving is quite considerable can be in a range of $5000 to $50,000 per year. The significant cost can have a dramatic impact on our clients current lifestyles. In addition they can rest derailing their retirement plans. Dr. Amy D'Aprix: Caregivers have four basic needs: information, services, emotional support and financial services and support and BMO financial group can help you meet all four of these needs. Martin Vanderwoude: We all want to look after our families experts say for financial piece of mind baby boomer should take the time to discuss options for care giving with their family members and their investment professionals; Martin Vanderwoude reporting.