Caring for an aging family member is a labor of love. But study after study also shows the emotional, physical, and even financial stress that the caregiver incurs as a result.
Research conducted by MetLife revealed that approximately 10 million adult children over the age of 50 (that’s roughly a quarter of all Baby Boomers!) have taken on the role of caregiver for their aging parents, helping with a variety of tasks–everything from running errands and cooking to bathing and using the toilet. It’s a lot to take on, especially for caregivers who may also be juggling a career and their own children, which is likely why caregivers over age 50 who work and provide care to a parent are more likely to have fair or poor health as compared to peers who do not provide elder care.
A few other noteworthy stats from the study:
- Adult daughters are more likely to provide help with daily care, and sons are more likely to provide monetary assistance.
- The total estimated aggregate lost wages, pension, and Social Security benefits of these adult-child caregivers is nearly $3 trillion.
- For women, the total individual amount of lost income (wages, Social Security benefits, pension) due to leaving the labor force early and/or reducing hours of work because of caregiving responsibilities averages $324,044. For men, it averages $283,716.*
Yet despite all of these physical and financial drawbacks, the adult-child-as-caregiver trend continues to grow rapidly in the United States. The MetLife study showed that the number of adult children providing personal care and/or financial assistance to an aging parent has more than tripled over the past 15 years.
Caring for the caregiver
It seems that caring for an aging parent is here to stay. So what can caregivers do to help alleviate some of the stress associated with the gig? Click the link above to learn more.