Caregiving carries financial demands as well. Caregivers are spending, on average, 26% of their own monthly budget for the help they give. Despite shouldering financial burdens for their parents, 72% of caregivers have not planned for their own long-term-care needs. The majority of caregivers (76%) anticipate their family will provide care for them, just as they are doing for aging family members. Current caregivers say they will look to their children for more than 40% of their financial support.
“There’s a real disconnect between perceptions and realities when it comes to caregiving,” Simbro says. “With a little foresight and candid conversations, families can avoid the unnecessary stress of decision-making on the fly and can take steps, including working with a trusted professional, to feel confident in the plans they put in place.”