Survey shows diabetes, knowledge gaps and stigma reshape how Canadians plan long‑term finances
One in three Canadians with Type 2 diabetes say the disease makes it hard to save for the future – a signal that health and wealth are colliding in ways benefit and pension decision‑makers can’t ignore, according to Sun Life survey data.
Sun Life, drawing on a survey of 500 Canadians conducted by Element54, reports that over three million Canadians are living with Type 2 diabetes and many feel overwhelmed trying to meet immediate health needs while planning for the long term.
The survey suggests that the financial impact of managing a chronic condition now sits alongside traditional retirement and savings pressures.
Rowena Chan, president, Sun Life Financial Distributors (Canada) Inc. and senior vice‑president, Retail Advice & Solutions, frames the findings as a structural issue rather than a niche concern.
She said the findings “serve as a wake-up call” and “underscore the complex relationship between health and finances, particularly for those managing chronic conditions like diabetes.”
She added that they also show the need for “a more integrated approach to financial planning that considers a person’s overall health and well-being.”
According to Sun Life, the survey exposes notable knowledge and communication gaps that affect how people with diabetes use the system that is supposed to support them.
Only 10 percent of respondents know about diabetes‑related tax benefits, and younger individuals, women and those with lower household income are less likely to feel comfortable discussing their health with a financial advisor.
Sun Life reports that stigma and fear of judgment further discourage many from raising health‑related needs in financial planning conversations, even when those needs drive day‑to‑day spending and long‑term risk.
Joseph Taylor, a Sun Life advisor who lives with diabetes, links this reluctance to how advice is delivered. “As someone who lives with diabetes, I understand how difficult it can be to talk openly about your health,” he said.
He added that “the connection between health and financial planning isn’t always obvious,” but many clients with chronic conditions have “unique spending and saving circumstances,” so it is important to treat health and financial planning as “an integrated process – and one that’s simple, accessible and holistic.”
Sun Life emphasises that diabetes affects both physical and mental health and can shape many aspects of daily life, but also stresses that individuals can thrive when they receive appropriate support and manage the condition effectively.
The company reports that more than three‑quarters (76 percent) of people who completed its Diabetes Care Program have seen improvements in their A1C, and almost half (40 percent) have reached an A1C range where deprescribing could be considered.
Sun Life notes that diabetes often co‑exists with other chronic conditions, including heart disease, kidney problems and mental health challenges.
The company argues that a comprehensive approach to care – combining lifestyle changes, regular monitoring and access to support services – can help reduce the risks associated with these comorbidities and support better long‑term outcomes.
Chan said, “Living with diabetes shouldn't mean putting your life goals on hold.”
She said Sun Life aims to offer broad support that combines health and financial planning so Canadians living with diabetes can better manage their futures.
Sun Life situates these initiatives within a longer‑term corporate focus on diabetes.
