Baby Boomers Feeling the Squeeze of New Mid-Life Reality: Taking Care of Mom, Da

BMO Partners with Caregiving Experts to Provide Clients with Access to Eldercare Services and Caregiver Support

Available through select BMO investment professionals, BEST in CAREprovides access to the most comprehensive online database of eldercare andcaregiver services in Canada as well as unlimited phone and emailconsultations with industry experts. BEST in CARE enables caregivers to searchfor eldercare information in their community, including qualified elder careprofessionals, in-home services, long term care facilities and geriatricservices that match specific needs, anywhere in Canada.

This resource will help BMO advisors and clients quickly narrow theirsearch for the services required for aging relatives and BEST in CARE willalso provide clients with the emotional support often necessary for thecaregivers themselves.

"One of the greatest challenges of caregiving for boomers is that it addsto an already full life of competing concerns and priorities," said Dr. AmyD'Aprix, Gerontologist and CEO of BEST in CARE. "We partnered with BMO and itsadvisors to help their clients give the best possible care to aging familymembers, while also taking best care of themselves."

According to a BMO Financial Group/Ipsos Reid survey, of the one-third ofboomers who are currently assisting aging relatives, 66 per cent say it hashad some negative impact on their lives; 31 per cent say they have less timefor themselves; 20 per cent have had to take time off work and 19 per cent saythat they have been impacted financially. Adding to the pressure, 44 per centof these boomers also financially support their children.

"In addition to offering clients access to these information and supportservices, we're also encouraging those boomers who are currently providingcare or expect to do so in the future, to start planning for the impact thiscan have on their finances and lifestyle," said Kris Vikmanis, Head ofRetirement Market, BMO Financial Group.

"Our research has found that despite the increasing family pressures ofcaring for aging relatives, only 26 per cent of boomers have a plan for theirown care in the event they personally need assistance when they get older. Oneof the advantages of planning in advance for the caregiving of others is thatit encourages clients to consider the care they would prefer for themselvesdown the road, so they can start planning for it now," added Vikmanis.

"Decisions and choices are far better made without the pressure of animmediate crisis. Doing your research, understanding your options and workingwith an advisor to discuss and plan for the financial implications is mucheasier when you're not operating in crisis mode," said Dr. D'Aprix.

New Mid-life Reality

To encourage clients to start thinking about and planning for this newmid-life reality of taking care of themselves and aging family members, BMOyesterday hosted an event for clients in Toronto that included a paneldiscussion with actor Gordon Pinsent, star of Away from Her, a movie thatdeals with a retired couple's battle with Alzheimer's disease, Dr. MichaelBaker, Physician-in-chief of the University Health Network and a member of theBMO Financial Group's Advisory Council on Retirement and Dr. Amy D'Aprix.

Other Ways BMO is Helping Clients Who Care for Aging Relatives

BMO Harris Private Banking offers a unique wealth management service,called enCircle(TM), designed to lessen the burden of financial management onseniors and their adult children. enCircle advisors work with clients andtheir families to tailor a plan that can include bill payment, investmentmanagement, estate planning, coordinating the filing of tax returns, applyingfor travel insurance, travel banking, as well as home and health careeducation. Since this service was launched in May 2005, the response fromclients has been extremely positive, confirming that professional assistancewith managing financial affairs later in life is valuable to both seniors andtheir families.

In addition, BMO Financial Group launched a podcast series this year thatexamines the emerging issues facing Canadian boomers who are approachingretirement. Hosted by Pamela Wallin, a journalist for more than 30 years and amember of BMO's Advisory Council on Retirement, recent podcasts includeinterviews with Dr. D'Aprix and Dr. Baker on caring for yourself and others.

The podcasts can be downloaded from BMO's retirement website at:.

    (x) Based on an online survey conducted by Ipsos-Reid, February 27 -        March 2, 2007, among a randomly selected sample of 2,195 Canadians        aged 45-60.    

For further information

JoAnne Hayes, Toronto, ,(416) 867-3996
Lucie Gosselin, Montreal, , (514)877-8224
Laurie Grant, Vancouver, , (604) 665-7596
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