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The Canadian Elder Standard - Pricing the Cost of Basic Needs for the Canadian Elderly

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Author Info

  • Bonnie-Jeanne MacDonald
  • Doug Andrews
  • Robert L. Brown
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    Abstract

    We determined the after-tax income required to fi nance basic needs for Canadian elders living with different circumstances in terms of age, gender, city of residence, household size, homeowner or renter status, means of transportation, and health status. Using 2001 as our base year, we priced the typical expenses for food, shelter, medical, transportation, miscellaneous basic living items and home-based long-term care for elders living in fi ve Canadian cities. This is the fi rst Canadian study of basic living expenses tailored to elders instead of adults in general, prepared on an absolute rather than a relative basis. We also accounted for an individual’s unique life circumstances and established the varying effect that they have on the cost of basic expenses, particularly for home care. We found that the maximum Guaranteed Income Supple ment and Old Age Security benefi t did not meet the cost of basic needs for an elder living in poor circumstances.

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    File URL: http://socserv.mcmaster.ca/sedap/p/sedap286.pdf
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    Bibliographic Info

    Paper provided by McMaster University in its series Social and Economic Dimensions of an Aging Population Research Papers with number 286.

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    Length: 26 pages
    Date of creation: Aug 2011
    Date of revision:
    Handle: RePEc:mcm:sedapp:286

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    Related research

    Keywords: Canadian seniors; poverty measure; economic security; aging-in-place; cost-of-living; absolute measure; home care;

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    1. Michael R. Veall, 2007. "Which Canadian Seniors Are Below the Low-Income Measure?," Quantitative Studies in Economics and Population Research Reports 414, McMaster University.
    2. Frank T. Denton & Dean C. Mountain & Byron G. Spencer, 2002. "Age, Retirement and Expenditure Patterns: An Econometric Study of Older Canadian Households," Social and Economic Dimensions of an Aging Population Research Papers 82, McMaster University.
    3. Buckley, Neil J. & Denton, Frank T. & Leslie Robb, A. & Spencer, Byron G., 2004. "The transition from good to poor health: an econometric study of the older population," Journal of Health Economics, Elsevier, vol. 23(5), pages 1013-1034, September.
    4. Michael D. Hurd & Susann Rohwedder, 2005. "Changes in Consumption and Activities in Retirement," Working Papers wp096, University of Michigan, Michigan Retirement Research Center.
    5. Sule Alan & Kadir Atalay & Thomas F. Crossley, 2007. "The Adequacy of Retirement Savings: Subjective Survey Reports by Retired Canadians," Social and Economic Dimensions of an Aging Population Research Papers 199, McMaster University.
    6. G. C. Ruggeri & Rhoda Howard & K. Bluck, 1994. "The Incidence of Low Income among the Elderly," Canadian Public Policy, University of Toronto Press, vol. 20(2), pages 138-151, June.
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