Caregiving...you're on your own.
In a recent blog, I wrote about the realities of an aging North American society, living the life of the sandwich generation.
Our strained health care system is struggling with some of the consequences of people living longer. An increased lifespan is not being matched by an increased health span. Lives are being saved, but the quality of lives may not be preserved.
Aging boomers are proving to be a demanding group as they care for their spouses/partners and parents. There are also big demands on them. How big is the challenge?
An overwhelming majority of caregivers provide care for a year or more. Half of them provide care for four years or more,...
An overwhelming majority of caregivers provide care for a year or more. Half of them provide care for four years or more, this from the General Social Survey on Caregiving and Care Receiving. If that is not daunting enough, consider that caregivers are most likely to be providing support during their prime working years, between the ages of 45-64. And most are working while providing support to both parents and children. Having siblings may not help. The daughter and/or the sibling living closest to the parent could end up providing the most support.
What gets squeezed out? Working caregivers reduce their hours at work, turn down or don’t even chase promotions or new jobs. The amount of time spent with spouses or common law partners and children suffers in about half the cases reported. Benefit plans may be lost as well. Of those employed caregivers who reduced their working hours, some lose part or all of their benefits, including life insurance, extended healthcare coverage, prescription drug plans and pension plans.
What gets squeezed out? Work hours, advancement, time with spouse/partner and children...and maybe benefits too.
Finally 4/5 caregivers receive no financial support. This is particularly hard on caregivers providing 20+ hours per week of care, where 7/10 receive no financial support. Aging in place sounds good. For most families it means shouldering the support and costs themselves. You're on your own.
These facts scream to the need for consumers and financial advisors to connect. Start having some deep, meaningful discussions about issues, alternatives and solutions that will ease the financial stress caregivers, potential caregivers and care recipients have regarding health and health costs and in so doing ease some of the emotional stress as well.
One of the top three concerns elders have is being a burden to their families. What can we do collectively to address the concern? Let’s talk.
© 2017 by peter a wouters
CERTIFIED FINANCIAL PLANNER® professional
8yThanks Peter Wouters, for this article. We need to provide our clients with hard numbers of costs associated with this. Stay at home and 24 hour care vs long-term care facilities.
Well said as always Peter Wouters - as you know I'm going through this at the moment with my Mom - sometimes you feel guilty for prioritizing work over Mom - sometimes you feel guilty for ignoring work and prioritizing Mom - sometimes you feel guilty for prioritizing your Mom and work and ignoring your spouse - in short - you feel guilty a lot.
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8yImportant article Peter Wouters! I also speak with families about the importance of having a 'courageous conversation' with their loved ones about this issue and to advisors about making sure they are having this discussion with their clients. No one really wants to talk about this but your are correct talk about it we must. Thanks for sharing.