The phrase, “the circle of life” exist for a reason. And honestly it certainly applies to the recent findings of a survey conducted by Caring for the Aging.
According to the website and elderly care service, a small number of Americans were surveyed and asked to provide their perceptions of caring for the country’s aging population.
Below are some key findings from the survey:
- 4 in 5 Americans fear financial instability in old age—in fact, they dread it more than their own death, the death of a spouse, or living in a nursing home
- Over 55% of parents expect their children will help take care of them or provide financial assistance as they age
- More than 7 in 10 Americans would feel guilty if a child had to care for them, yet more than 6 in 10 don’t want to live in a retirement home
“We asked our survey participants if they think children are obligated to care for their parents. You raised your kids – the least they can do is support you when needed, right?” the survey states. “The majority of Americans agreed that children have an obligation to care for their parents in some capacity. Our results suggested that over 55 percent of parents expect their children will help take care of them or provide financial assistance as they age. In the Mountain region of the U.S., however, only 36 percent of Americans believed children are obligated to care for their parents.”
According to researchers, financial challenges are unavoidable as we age, and so are the anxieties caused by financial planning late in life. Between 2015 and 2060, the U.S. Census Bureau projects that America will have a 105 percent increase in its population aged 65 and over, largely thanks to baby boomers.
So the question of who will support this particular population is becoming more and more of a concern.
Participants included 1,000 people housed across the nation across three generations. Researchers asked them what they thought about the option of their children caring for them in retirement.