New survey further sheds light on financial burden of caregiving
April 8, 2011
Caring for an older adult doesn't just take an emotional toll on families, it can also leave a dent in savings. A new survey conducted by Engage Mutual found that, in Britain, the average cost of taking care of an older parent is 2,210 pounds, or $3,612, every year. Almost a quarter of respondents have had to take out a loan to accommodate the needs of a senior, and 17 percent have taken a second job.
"In an ideal world, the late forties, fifties and sixties should be a period where major financial burdens associated with raising children are lifted," Karl Elliott of Engage Mutual said. "It could be an opportunity to squirrel more money away with a view to later life and retirement… our survey suggests that people are typically finding that family financial commitments in these key years are ongoing."
Families who are under pressure may want to consider investing in an elderly alert system for their home. This device enables users to immediately send a personal emergency response message if they need help.
Interestingly enough, American families may be paying more every year to assist aging parents. The Metlife Mature Market Institute revealed that the average caregiver spends $5,500 every year.