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:2/8/2016)... ... February 08, 2016 , ... Delta Dental of California and its affiliated ... , Gary D. Radine, who recently retired as president and CEO of Delta Dental ... 2015 CEO of the Year , helped lead the effort to raise funds for ...
(Date:2/8/2016)... ... February 08, 2016 , ... ... of organizations. DocuSyst provides a cloud hosted environment for FileHold software that ... integration with various 3rd party applications using the FileHold web services API. DocuSyst ...
(Date:2/8/2016)... ... 08, 2016 , ... TopConsumerReviews.com recently awarded their highest five-star rating to a ... derived from a cluster of melanin when exposed to sunlight. Although most moles are ... lifetime of embarrassment. Historically, mole removal has involved a painful, often expensive ...
(Date:2/8/2016)... ... , ... According to research by the National Association of ... be certified or obtain continuing education. To increase patient awareness of the lack ... campaign to inform dentists and patients about the possible lack of skills and ...
(Date:2/7/2016)... , ... February 07, 2016 , ... ... Facial Plastics, has added Kybella® to his medical and surgical expertise. Technically known ... approved FDA injectable medication used as a non-surgical alternative for reduction of fat ...
Breaking Medicine News(10 mins):
(Date:2/8/2016)... HEIGHTS, Utah , Feb. 8, 2016 /PRNewswire/ ... and distributor of advanced-technology medical devices and rehabilitation ... related markets, congratulates the Denver Broncos, football team ... Kelvyn H. Cullimore Jr. , Chairman and Chief ... of excellence and we look forward to enhancing ...
(Date:2/8/2016)... 2016 --> ... Allied Market Research titled, "World Synthetic Biology ... estimates the world synthetic biology market to be ... technology segment would continue to lead the market ... collectively, held around half of the market share ...
(Date:2/5/2016)... OAKS, Calif. , Feb. 5, 2016 Amgen ... 5 th Annual Global Healthcare Conference at 9:15 a.m. ... York City . David W. Meline , executive ... at the conference. Live audio of the presentation can be ... , under Investors. A replay of the webcast will also ...
Breaking Medicine Technology: