Navigation Links
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.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070921/AQF020LOGO)

"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.

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 Caring.com. 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 Caring.com for additional information on the recent Caring.com 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 Caring.com

Caring.com 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, Caring.com is a free resource to users and is supported by advertisers. Caring.com is backed by leading venture investors DCM and Split Rock Partners. Caring.com is headquartered in San Mateo, California, and can be reached at http://www.caring.com.


'/>"/>
SOURCE Caring.com
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:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... , ... October 13, 2017 , ... ... and Agile Software Development, has been awarded a contract by the Center for ... Agreement (BPA) aims to accelerate the enterprise use of Agile methodologies in a ...
(Date:10/12/2017)... ... 12, 2017 , ... CitiDent and San Francisco dentists, Dr. ... Oventus O2Vent technology. As many as 18 million Americans are estimated to suffer ... Oral appliances can offer significant relief to about 75 percent of people with ...
(Date:10/12/2017)... , ... October 12, 2017 , ... The American College ... to Carol Friedman, PhD, FACMI, during the Opening Session of AMIA’s Annual Symposium in ... , In honor of Morris F. Collen, a pioneer in the field of medical ...
(Date:10/12/2017)... ... October 12, 2017 , ... HMP , a leader ... a 2017 Folio Magazine Eddie Digital Award for ‘Best B-to-B Healthcare Website.’ Winners were ... 11, 2017. , The annual award competition recognizes editorial and design excellence across a ...
(Date:10/12/2017)... , ... October 12, 2017 , ... ... the nation's first interactive health literacy software tool, and the Cancer Patient Education ... of cancer patient education, today announce a new strategic alliance. , As ...
Breaking Medicine News(10 mins):
(Date:10/12/2017)... --  Divoti USA will engrave and process all ... the latest FDA requirements, which stipulates new criteria regarding medical device ... of Medical ID jewelry such as Medical ID Bracelets, can rest ... terms of the new FDA requirements . ... Divoti offers this dark mark fiber laser engraving ...
(Date:10/11/2017)... , Oct. 11, 2017  Caris Life Sciences ... on fulfilling the promise of precision medicine, today announced ... joined Caris, Precision Oncology Alliance™ (POA) as its 17 ... centers, the St. Jude Crosson Cancer Institute will help ... the use of tumor profiling, making cancer treatment more ...
(Date:10/10/2017)... , Oct. 10, 2017  NDS received FDA 510(k) clearance ... a medical-grade battery-powered display stand specifically designed for endoscopy environments. An ... technology into a clinical solution to support the improvement of patient ... Innovative Design ... Wireless Solution ...
Breaking Medicine Technology: