About 59 percent are torn between spending money on themselves and spending money on the care recipient, 57 percent are torn between spending time with a spouse or providing care and 50 percent are torn between spending time with their children or providing care.
“The impact that it has on their professional lives can be significant when they are required to reduce their work hours, change careers or shift work hours to accommodate caregiving duties,” said Williams-Kemp. “That's part of the anxiety and fear that is attached to being a caregiver. Knowing that you want to be there for your loved one while it takes a toll on your finances and career.”
Some 19 percent of Gen Xers changed their schedule at work while 18 percent reduced their hours at work.
Advisors can help by encouraging their caregiver clients to recalibrate and reevaluate their priorities and plan for their own future by managing risk with disability and long term care coverage as well as various retirement savings vehicles.
The study further found that 76 percent of Gen Xers have basic, minimal or no knowledge of Medicare, 81 percent have basic, minimal or no knowledge of Social Security benefits and 82 percent basic, minimal or no knowledge of long term care insurance.
“Gen Xers are truly living that sandwich where they have aging parents who need assistance while trying to juggle the demands of a young family,” said Williams-Kemp. “Prioritizing your time and figuring out what resources are available is a difficult predicament for people.”
Through their network of local professionals, financial advisors can make a difference by referring their caregiver clients to trusted accountants, attorneys and medical providers and home health agencies.