Navigation Links
After the Crash, Forty-Five Percent of Visitors are Providing Financial Support to Aging Parents

New Research Also Shows Boomers are Eliminating Extras, Delaying Retirement

SAN MATEO, Calif., April 22 /PRNewswire/ -- According to new research from, 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 to measure the impact of the economy on the nation's caregivers.


"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, "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.

While the nation's caregivers are worried about how it will affect their own pocketbooks, they're concerned about the long-term effects on their parents' financial situation. While the new research shows the economic crisis has had an impact on 71% of boomers' parents, it also indicates:

  • 35% fear their parents' retirement savings may run out;
  • 23% feel their parents may have to move in with them;
  • 19% worry their parents will have to sell other assets besides the home.

While boomers are worried about how the economic downturn will affect their role as a caregiver, they're also worried about how to talk with their parents about their financial situation. How to have difficult conversations, like taking away car keys, whether or not to remain in the home, and status of finances, is one of the most commonly asked questions on Based on the research:

  • 60% have had conversations with parents regarding finances in past 60 days;
  • 35% are talking with parents about finances more than they did before.

Caregivers can visit for additional information on the recent survey, how to help parents financially without draining their own retirement accounts and how to talk with their parents about their finances. Visitors can also connect with a community of caregivers for advice and from others going through the same challenges.

About is a community and content web site that provides people who are caring for aging parents with timesaving information to help them make better decisions. Founded in 2007 by a team of people who have taken care of their own aging parents, is a free resource to users and is supported by advertisers. is backed by leading venture investors DCM and Split Rock Partners. is headquartered in San Mateo, California, and can be reached at

Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Work-Family Conflict Dogs Air Force Women After Deployment
2. Work-Family Conflict Dogs Air Force Women After Deployment
3. Stopping Statins After Stroke Doubles Death Risk
4. Billy Graham Home After Hospitalization:
5. Swelling After Knee Injury May Hinder Healing
6. Going on After Loss
7. Discover The Mutter Museum After Dark
8. Cialis Eases Erectile Dysfunction After Spinal Cord Injury
9. Perrigo Vice Chair Mori Arkin To Retire After 30 Years of Service
10. Vitamin Relief Brings Needed Nutrition to School District Resurrecting After Katrina
11. Pill Equals Injection in Preventing Clots After Hip Replacement
Post Your Comments:
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... As a ... Magna Cum Laude and his M.D from the David Geffen School of Medicine at ... returned to Los Angeles to complete his fellowship in hematology/oncology at the UCLA-Olive View-Cedars ...
(Date:6/24/2016)... ... June 24, 2016 , ... A recent article published June ... with. The article goes on to state that individuals are now more comfortable seeking ... common operations such as calf and cheek reduction. The Los Angeles area medical group, ...
(Date:6/24/2016)... Texas (PRWEB) , ... June 24, 2016 , ... ... International Conference and Scientific Sessions in Dallas that it will receive two significant ... of the grants came as PHA marked its 25th anniversary by recognizing patients, ...
(Date:6/24/2016)... Rhinebeck, NY (PRWEB) , ... June 24, 2016 , ... Topical BioMedics, Inc, makers of ... of companies that call for a minimum wage raise to $12 an hour by 2020 ... wage. This will restore the lost value of the minimum wage, assure the wage floor ...
(Date:6/24/2016)... ... June 24, 2016 , ... ... Grove Investment Group (TGIG), has initiated cultivation and processing operations at its production ... and Pahrump, Nevada. , Puradigm is the manufacturer of a complete system of ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... 2016 Revolutionary technology includes multi-speaker ... , industry leaders in advanced audiology and hearing aid ... Opn ™, the world,s first internet connected hearing aid ... devices.      (Photo: ) ... of ,world firsts,: , TwinLink™ - the ...
(Date:6/23/2016)... Research and Markets has announced ... Analysis (United States, China, Japan, Brazil, United Kingdom, Germany, ... offering. Surgical Procedure ... planners, provides surgical procedure volume data in a geographic ... in-depth analysis of growth drivers and inhibitors, including world ...
(Date:6/23/2016)...  The National Pharmaceutical Council (NPC) today announced ... research organization as its newest member.  ... president and chief scientific officer, Mallinckrodt Pharmaceuticals, will ... Board of Directors. ... us in support of our efforts to conduct ...
Breaking Medicine Technology: