Because of the collision of the economy, the healthcare crisis and a large population of aging Americans, many families are in or near a financial crisis that makes it more difficult to provide care to a family member, according to a Volunteers of America study. Few — roughly one in 10 — are paid for the care they provide. More than 46 percent report that the economy has made it harder to be able to provide care. Three quarters of caregivers state that the person to whom they provide care is 70 years or older.
The study also reported that an overwhelming majority — 97 percent of women and 94 percent of men — believe that the elderly should be allowed to age at home, if they want to. Almost half of the women surveyed expect that they will be called upon to provide care to an older family member at some point in the future and more than 54 percent stated that it is not likely that they will be able to care for the family member. Also, a majority of those interviewed reported that they were unable to make financial, career or family sacrifices in order to care for an older family member. More than 65 percent stated that they would be unable to take time off of work to care for an elderly family member, and 86 percent of women and 81 percent of men agreed that better workplace policies are needed to meet family obligations to help aging family members.
Only about half of those interviewed have done any preparation for their own aging. In addition to not having financial stability, many have not entered into discussions with family members about how they should be cared for. Most have not talked to their doctor about aging issues and more than 50 percent do not have a power of attorney and/or will in place.
The first baby boomers will reach 65 next year, with more than 71.5 million Americans in the 65 or older age bracket by 2030. This will be the largest senior population in U.S. history and almost double the approximately 37 million seniors today.
Source: Volunteers of America, March 4, 2011
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