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:2/27/2017)... ... February 27, 2017 , ... ... body strength, which often leads to a host of health issues, including urinary ... American Geriatrics Society discovered that good overall muscle strength in older women, ...
(Date:2/27/2017)... RICHEY, Fla. (PRWEB) , ... February 27, 2017 , ... ... disorder, but concern for women who become dependent on opioid painkillers has fallen short. ... female patients, compared to a 237% increase in fatal overdoses in male populations.(1) , ...
(Date:2/27/2017)... ... February 27, 2017 , ... ... overview on laser diffraction analysis as a tool to characterize particle size distributions ... potential to obtain improved results and novel scientific findings. It describes methods of ...
(Date:2/27/2017)... Vancouver, BC (PRWEB) , ... February 27, 2017 ... ... top drug rehabilitation and alcohol treatment programs in British Columbia, Canada, at ... (RMT) to its team. The new hire, Mackenzie Alsager, showcases the Centre's commitment ...
(Date:2/26/2017)... ... February 25, 2017 , ... The February 13, 2017, assassination of ... concern over nerve agents and the deadly use of chemical weapons. Many questions exist ... how even small doses can be lethal. , Jay Jagannathan, M.D., of Michigan-based Jagannathan ...
Breaking Medicine News(10 mins):
(Date:2/24/2017)...  In conjunction with DURECT Corporation,s (Nasdaq: ... you are invited to listen to a conference call ... Tuesday, March 14, 2017 at 4:30 pm Eastern Time ... webcast of the presentation will be available by accessing ... Relations."  If you are unable to participate during the ...
(Date:2/24/2017)... , Feb. 24, 2017 Juan Monteverde ... Associates PC , a boutique securities firm headquartered at ... City , announces that a class action lawsuit ... Massachusetts  against Inotek Pharmaceuticals Corporation (NASDAQ:  ITEK)("Inotek" ... Company,s securities between July 23, 2015 and December 30, 2016, ...
(Date:2/24/2017)... YORK , Feb. 23, 2017 Report analyzes ... report provides separate comprehensive analytics for the US, ... Europe , Asia-Pacific , ... and forecasts are provided for the period 2015 through 2022. ... Market data and analytics are derived from primary and secondary ...
Breaking Medicine Technology: