10 Things Millennial Caregivers Should Know About Caring for a Friend or Loved One
summary
One in three people in America ages 18-39 provides unpaid care to an adult friend or relative. Another third of millennials believe they will provide this kind of support in the next five years. To help prepare, here are 10 things millennials should know.
Date Updated: 10/02/2018
To help prepare, here are 10 things millennials should know.
- You are not alone. There are nearly 44 million people in America providing assistance to a friend or family member, including 10 million millennials ages 18-39 who are currently providing care. As people age, they are more likely to need assistance that enables them to live with dignity and independence in their homes and communities—with millennials picking up an ever-larger share of the caregiving. Families and communities are feeling this change across the nation, with millennials balancing and sometimes forgoing educational goals, career advancement, relationships, and social connections to care for loved ones.
- Support must be customized. More than 7 in 10 people 65 and older will one day need help with daily activities like walking, eating, dressing, and getting out of bed. Maintaining these daily activities allows individuals to age with dignity and independence. A broad network of people and organizations can provide information, counseling, and even free services. You know your loved one best, so utilize these support networks and do your research to find the right fit. One in three people in America ages 18-39 provides unpaid care to an adult friend or relative. Another third of millennials believe they will provide this kind of support in the next five years. To help prepare, here are 10 things millennials should know.
- Long-term care is expensive. Sixty-four percent of younger adults underestimate the long-term care needs of older Americans. The reality is paying for daily care adds up. The average cost of having a part-time caregiver come to your home is nearly $48,000 a year. The toll on personal time is great too, with millennial caregivers working an average of 35 hours per week and spending more than 21 hours per week providing unpaid care…
One in three people in America ages 18-39 provides unpaid care to an adult friend or relative. Another third of millennials believe they will provide this kind of support in the next five years.
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This policy brief summarizes findings from long-term care financing option research by the Urban Institute and Milliman, Inc., courtesy of Health Affairs.
Whether you’re over the age of 65 or have a loved one who is, there are simple, inexpensive things you can do TODAY to help plan for aging with dignity, choice, and independence. Access this checklist and share with others who might need it.