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After the Crash, Forty-Five Percent of Caring.com Visitors are Providing Financial Support to Aging Parents
Date:4/22/2009

New Research Also Shows Boomers are Eliminating Extras, Delaying Retirement

SAN MATEO, Calif., April 22 /PRNewswire/ -- According to new research from Caring.com, approximately forty-five percent of adult children who are caring for aging parents are providing them with financial assistance, with two-thirds more concerned about their parents' financial situation following the recent market crash. This insight is one of many garnered from a new research study conducted by Caring.com to measure the impact of the economy on the nation's caregivers.

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"Caring for aging parents is extremely challenging. For baby boomers that are caring for their parents, the caregiver role affects their marital relationships and physical health, and now, because of the stock market crash, it's having an even greater impact on their finances," said Andy Cohen, co-founder and CEO, Caring.com. "Baby Boomers caring for aging parents need their own rescue plan!"

The average adult child caring for an aging parent spends $5,534 per year for out-of-pocket expenses on items such as medications, safety equipment, and bath necessities. These items are paid for by caregivers, with money from vacation accounts, savings, and slush funds. Caregiving has always been costly, but given the downturn, the question on caregivers' minds now is how much worse is this going to be? Based on the new research:

  • 31% fear they may, or already planning to, delay retirement;
  • 43% must severely cut back on "extras" like entertainment and vacations;
  • 37% will have less savings available when they retire.

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SOURCE Caring.com
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