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Executive Summary:

As a result of increasing life expectancy and declining fertility, Canada’s overall population will be older than ever before. By 2040, it is projected that 22.7% of Canadians will be over the age of 65. While these trends and projections are well-documented, less attention has been paid to the complex ways in which this major demographic shift will create knock-on effects throughout our social, economic, and healthcare systems, and what can be done to prepare.

This report takes a systems approach to exploring the impacts of population aging across key domains of society and public policy, and applies a foresight model to understand how various trends could play out across different scenarios in 2040. Additionally, a representative survey of 2,500 Canadians was conducted in February to March 2024 to better understand public opinion around the future of aging.

This research reveals the potential for significant disparities in health outcomes, financial security, and social inclusion among older adults in the absence of thoughtful policy reform. This report recommends that policymakers consider the following as Canada moves towards 2040:

• Reimagine where older Canadians live by creating age-friendly communities, enabling aging-in-place, reforming and investing in long-term care, and combatting social isolation.
• Transform health and healthcare services by taking a life-course approach, focusing on social determinants, and supporting caregivers.
• Leverage, safeguard, and ensure equitable access to new technologies that can improve quality of life.
• Prioritize equity as a driving force behind policy change, including socioeconomic, intergenerational and climate equity.
• Embrace the silver opportunity by acknowledging the unique contributions of older adults in workplaces and communities.
• Take a whole-of-society approach to advance cultural change around the experience of aging.

Making these strategic investments will not only improve the quality of life for older Canadians today but also lay the foundation for future generations.