In November 2007 we reported on a study conducted by the National Alliance for Caregiving which outlined the costs families in the US bear to care for their elderly parents.

A new survey conducted by AgingCare in the US found that although adult children are often responsible for paying for their parent’s care, the large majority are vastly unprepared. The survey found:

  • 63% of caregivers have no plan as to how they will pay for their parent’s care over the next five years.

  • 62% say the cost of caring for a parent has impacted their ability to plan for their own financial future.

  • 43% have had to take time off work due to caregiving responsibilities.

In addition, the survey indicates that today’s caregivers face a triple financial threat: unplanned-for caregiving expenses, less money for their own needs and reduced time in the workplace.