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New Purr-spectives: Study Finds Older Canadians are Better Suited to Pet Ownership Than They Think

HomeEquity Bank
Tuesday at 9:05am ADT · September 23, 2025 5 min read

Pawsitive News: Age Is Just a Number—For You and Your New Best Friend

TORONTO, Sept. 23, 2025 /CNW/ – A new survey conducted by Ipsos on behalf of HomeEquity Bank, provider of the CHIP Reverse Mortgage, reveals that while 84 per cent of Canadians aged 55+ recognize the mental health benefits of pet ownership, only 44 per cent currently share their lives with a pet. For one in five older adults, age itself is cited as the primary barrier to pet ownership, highlighting a persistent yet unwarranted stigma about the suitability of older Canadians as pet parents.

The survey, which examined attitudes toward pet ownership across generations, underscores a disconnect between the profound emotional and physical value that pets provide, and the barriers that prevent many older Canadians from adopting.

Pets Don’t Care How Old You Are, Neither Should You

Older adults often possess the very qualities Canadians rank as the most essential for pet parenting. The survey results revealed that:

  • Patience, valued by 65 per cent of Canadians, rises to 74 per cent among those aged 55+.
  • Available time, deemed critical by 57 per cent of respondents, is a luxury often afforded to retirees and semi-retirees.
  • Emotional connection, seen as important by 42 per cent, is a hallmark of the unique bond older adults often form with their pets.

“Too often, we underestimate the strength, resilience, and capacity of older Canadians to nurture and care. Pets don’t see an age, they see the love, patience and stability older adults bring.” said Niary Toodakian, Vice President, Customer Insights and Brand at HomeEquity Bank. “Debunking these ageist misconceptions starts with celebrating the profound ways older Canadians enrich a pet’s life and vice versa.”

Mutual Companionship: The Win-Win of Pairing Pets and Older Canadians

According to the 2024 Commonwealth Fund International Health Policy Survey of Older Adults, 25 per cent of Canadians aged 65+ felt isolated at least some of the time, significantly higher than the CMWF average of 21 per cent.

Older Canadians who own pets report substantial mental, emotional and physical health benefits:

  • 80 per cent say pets improve their social and emotional well-being through increased companionship and reduced loneliness.
  • 49 per cent report physical health benefits, including lower stress levels, increased activity and a greater sense of purpose.

Senior pets also stand to benefit from these partnerships. Older animals are often overlooked in shelters, despite being calmer, already trained and equally deserving of a loving home.

“Older Canadians and senior pets share the same longing—to feel loved and valued,” said Sonya Reichel, Vice President of Operations, Ontario SPCA and Humane Society. “Age is never a limitation when it comes to building a meaningful connection. We’ve seen countless older adopters create beautiful, life-changing bonds with pets, and it’s time to erase the stigma that age is a hurdle.”

Busting Myths About Pet Ownership for Older Canadians

While the survey highlights the joys of pet companionship, it also reveals how misconceptions and practical concerns hold many back from adoption:

  • Age as a barrier: 21 per cent of Canadians aged 55+ believe they are “too old” for a pet, reflecting societal stereotypes as well as self-imposed limitations.
  • Financial concerns: The cost of pet ownership deters 25 per cent of older adults, even though pet ownership has been shown to provide mental, physical and emotional health benefits, which can reduce healthcare costs for individuals in the long run.

Societal assumptions that older Canadians lack the energy or time for pet care may discourage many from pursuing adoption.

Love Knows No Age: Discover the Life-Changing Joy of Pet Companionship

HomeEquity Bank encourages all Canadians to reimagine what it means to be the perfect pet parent. Too often, barriers like age or lifestyle hold us back from experiencing the unconditional love and joy that pets bring. It’s time to challenge those outdated beliefs. Whether you’re ready to adopt or simply exploring the idea, you have what it takes to give a pet the home—and the heart—they deserve.

To support this, HomeEquity Bank is proud to sponsor the Ontario SPCA’s iAdopt: Furever Homes event starting on Friday, September 26 and running all weekend at all Ontario SPCA and Humane Society locations. Those locations will be offering a $0 adoption fee on dogs older than eight and cats older than 10. All other pet adoption fees will be 20 purr-cent off, thanks to HomeEquity Bank’s support. View animals looking for their furever homes at ontariospca.ca/adopt.

About HomeEquity Bank

HomeEquity Bank is a federally regulated Canadian financial institution exclusively serving Canadians aged 55 and older. Through innovative financial solutions like the CHIP Reverse Mortgage, HomeEquity Bank empowers clients to live independently and confidently in the homes they love. For more information, visit www.chip.ca.

About the Survey

These are the findings of an Ipsos survey conducted on behalf of HomeEquity Bank that was fielded July 30 to Aug 11, 2025. A total of n=1501 Canadians aged 18+ participated in the survey which was fielded via the Ipsos’ panel. Quotas and weighting were used to ensure the sample’s composition reflects that of the Canadian population according to census parameters. This survey has a credibility interval of +/- 3.1 per cent 19 times out of 20, of what the results would have been had all Canadian adults 18+ been surveyed.

SOURCE HomeEquity Bank

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