A new Sun Life survey has revealed significant financial challenges for Canadians living with diabetes, with one in three respondents reporting difficulty saving for the future due to their condition.
The data, collected by Element54 from 500 respondents, highlights the intersection of health and wealth for those managing chronic conditions. Over three million Canadians live with Type 2 diabetes, and 28% of survey participants said they delayed major life goals because of their illness.
The survey exposed substantial knowledge gaps surrounding diabetes-related financial planning. Only 10% of respondents were aware of tax benefits available to those with diabetes.
Communication barriers also emerged as a major concern. Just 42% of respondents felt comfortable discussing diabetes-related needs with financial professionals. Stigma and fear of judgment prevented many from raising health-related concerns during financial consultations.
Younger individuals, women, and those with lower household incomes were less likely to feel comfortable discussing their health with financial advisers, according to the findings.
“These findings serve as a wake-up call,” said Rowena Chan, president of Sun Life Financial Distributors (Canada) Inc. and senior vice-president of retail advice and solutions. “They underscore the complex relationship between health and finances, particularly for those managing chronic conditions like diabetes.”
The survey also examined health management outcomes. Sun Life’s Diabetes Care Program showed positive results, with 76% of participants who completed the program seeing improvements in their A1C levels. Additionally, 40% achieved an A1C range where deprescribing medication could be considered.
Joseph Taylor, a Sun Life adviser living with diabetes, emphasized the importance of integrated planning. “The connection between health and financial planning isn’t always obvious, but the reality is that many clients managing a chronic condition have unique spending and saving circumstances,” he said.
The survey noted links between diabetes and other chronic conditions, including heart disease, kidney problems, and mental health challenges. The findings suggested that comprehensive care approaches, including lifestyle modifications and regular monitoring, could help mitigate these risks.
“Living with diabetes shouldn’t mean putting your life goals on hold,” Chan noted.
Sun Life said it has committed more than $60 million globally to diabetes-related education, awareness, and research efforts focused on Type 2 diabetes prevention and complications.
