The Manning Centre released freedom of information responses today after asking each provincial government in Canada for their financial analysis as to how they’ll be impacted by Canada’s aging population. Most provinces responded with little in the way of analysis.
Conversely, since 2010, the federal government has conducted long-term financial projections as to how they’ll be impacted by Canada’s aging population; the Fiscal Sustainability reports are released annually through the Office of the Parliamentary Budget Officer.
After asking provincial governments for similar analysis, the Manning Centre was frequently told “no records were located.”
“As our country ages, tremendous pressure will be put on our health care system and government finances,” said Colin Craig, the Manning Centre’s Director of Strategic Communications and author of Policy Brief: Provinces Lack Financial Analysis on Aging Population.
“Unfortunately, provincial governments don’t appear to have calculated the cost of the nation’s aging population on their finances.
“The situation is a bit like a 60-year old thinking about retiring in a few years, but without any retirement savings or plan.”
The Manning Centre put forward two recommendations to address the situation:
1) Each provincial government should immediately begin conducting regular (annual or bi-annual) projections of their finances over 10-, 20- and 30-year periods.
2) Provincial governments should place urgency on sharing best practices regarding innovative, cost-saving techniques.
“Not only should provincial governments immediately begin planning for this challenge, they should be discussing best practices as to how to deliver services more cost-effectively” added Craig.
“Saskatchewan’s health care system is expected to save $93 million by partnering with a private company to clean hospital bed sheets.
“That’s the type of positive initiative that provincial governments should be replicating nation-wide in order to give the health care system any chance of sustainability.”
