When it comes to the issue of care, the focus is frequently on
child care. Yet, many families are also tackling an issue that
isn’t as widely discussed and should be: senior care. The 2016
Senior Care Survey from Care.com (NYSE: CRCM, www.care.com) the
world’s largest online destination for finding and managing family
care, delves into the financial and emotional challenges today’s
families face, the help they seek, and ultimately, reveals the
misconceptions and expectations of senior care. The findings also
show how families continue to struggle with talking openly about
care needs with their aging parents.
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View the full release here:
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Care.Com Survey Finds Majority Avoid
Senior Care Talk with Aging Parents; Would Rather Have "the Sex
Talk" with Kids (Graphic: Business Wire)
“The trials and tribulations of child care are widely discussed
and known,” said Jody Gastfriend, VP of Senior Care at Care.com,
“However, those issues are only part of the care challenges
families face. Nearly half of U.S. adults in their 40s and 50s are
already in the Sandwich Generation caring for a child and an aging
parent. And with the number of people over the age of 65 set to
nearly double by 2050, the emotional and financial weight of senior
care is only going to intensify for families.”
Care.com 2016 Senior
Care Survey Findings
Senior Care Finances: Expectations
& The Reality
Nearly 1/3 Provide Financial Support to Senior Loved
Ones.29% of respondents financially support their parent(s) or
aging loved one(s), with 1 in 3 saying they provide $5,000 or more
per year. 19% provide $10,000 or more per year, while 2 out of 3
(66%) say they give $1,000 or more to the senior in their life.
Nearly 1 in 5 people (19%) consider themselves a senior care
provider.
Families Don’t Know the True Cost of Senior Care.Whether
it’s non-medical homecare or a nursing home, families underestimate
the costs for senior care. 67% of those surveyed anticipate that
maximum costs for full-time care in a nursing home would fall under
$80,000 annually, and approximately 1 in 4 people (26%) think it
costs half what it actually does! The reality? According to a
Genworth survey on senior care costs, the national average cost for
a nursing home starts at $82,125 and
ranges up to $92,378. For non-medical home care, 57% believe it
costs less than $40,000 per year while the national annualized
average cost actually ranges from $45,760 to $46,332 for 44 hours
per week. However, when it comes to adult day health care, people
overestimate the expense, with 61% thinking it costs more than
double the actual amount of $17,680 per year.
Despite Worries, A Majority Aren’t Budgeting or Saving for
Their Own Senior Care.When it comes to their own senior care,
people are unprepared for and uncertain of the future. 64% are not
budgeting or saving for their own or their partner’s senior care
and approximately 1 in 5 (21%) don’t know what senior care option
they’d prefer for themselves. Yet, two-thirds (66%) worry about
what senior care options will be available in the future.
Alarmingly, more than half of baby boomers (53%) say they aren’t
budgeting for their or their partner’s senior care.
“Raising awareness of the true costs of senior care is
imperative for the financial health of families,” added Gastfriend.
“In addition to underestimating the cost of senior care, the
majority of families responding to our 2015 Cost of Care Survey
also underestimate the cost of child care (63%). When you add in
saving for retirement, the financial impact can be profound.”
The Emotional Side of Senior
Care
Parents Would Rather Have the “Sex Talk” Than Take the Keys
Away From Aging Parents.While a majority of people (85%)
believe they have a good grasp of their parent’s or aging loved
one’s health, 52% haven’t discussed senior care issues with them.
Their top reasons to avoid the talk include knowing their parent(s)
or aging loved one(s) would react defensively (15%) and their own
discomfort with the subject (20%). Talking about money, health, and
end-of-life care is so uncomfortable that 54% would rather have the
“sex talk” with their children than tackle a conversation about
their aging parent not being able to drive anymore. But good news
from those who have already broached the topic – 60% say the
seniors in their life did not react defensively when asked about
their health.
More Than Half Don’t Plan to Talk About Senior Care Until
There’s a Need.55% of people plan to discuss senior care issues
with aging loved ones if/when a need arises, while only 30% plan on
doing so beforehand. Those who have had the senior care talk say it
was precipitated by a major medical incident, such as a bad fall or
heart attack.
“We encourage families to proactively speak with the senior in
their life about long-term care because when a health issue strikes
unexpectedly, many families are unprepared for quick decisions,”
said Gastfriend. “By talking about preferences and expectations
before the need arises, families are in a better place to make
informed decisions for the care of a loved one. Whether it’s
consulting professionals to help explain your options, or
researching information online, there are myriad resources
available to help families navigate this sensitive, and,
oftentimes, confusing topic.”
From Anxiety to Hope, Discussing Senior Care Issues
Alleviates Worry.Prior to broaching care issues with a senior
loved one, respondents feel concerned (44%), anxious (35%), and
nervous (28%). However, once adult children start the conversation,
they ultimately feel informed (33%), hopeful (32%), and relieved
(24%).
Senior Care Preferences: Planning for
the Future
Approximately 1 in 3 Don’t Know What Seniors Want.The
number one thing people think is most important to the senior in
their life is independence (42%), followed by health (23%) and
comfort (23%). However, 31% don’t know what senior care option
their parent(s) or aging loved one(s) prefer. That may be why 51%
believe the senior in their life should take the lead on long-term
senior care planning.
Living With An Aging Loved One Is An Option Most Would
Consider.72% of people would consider having their parent(s) or
aging loved one(s) live with them as a long-term senior care
option. In-home care from a relative is also one of the top three
options people think aging loved ones would prefer.
Senior Care In The
Workplace
Senior Care Responsibilities Impact Employees and
Employers.With the Sandwich Generation growing and nearly 70%
dual-income households in the U.S., senior care responsibilities
are understandably having an impact in the workplace. 36% have
asked for time off or workplace flexibility to accommodate for
senior care; 36% say worrying about aging loved ones has affected
their performance at work; and 34% have made work adjustments as a
result of caring for aging loved ones. Senior care responsibilities
weigh so heavily on employees that nearly half (46%) say they would
consider dropping out of the workforce to care for an ailing parent
or loved one.
Senior Care Benefits Matter When Searching for a Job.41%
of people say their employer does not provide any programs or
assistance for elder care but these programs are in demand, as 52%
would research benefit options available for senior care-related
issues if they were to consider a new job. Top three care-related
benefits people would find most useful are assistance finding
options for senior care issues (51%), subsidized back up care for
emergencies (48%), and financial planning for senior care
(46%).
“With today’s modern workforce consisting of two working parents
who are ‘sandwiched’ caring for their own children and their aging
parent, companies must recognize the need for benefits that serve
both ends of the caregiving spectrum,” added Michael Marty, SVP and
GM of Care@Work. “Offering workplace benefits like senior care
advisory services or high-quality, urgent care for children and
adults not only supports the wellbeing of employees and their
families, but also helps employers increase loyalty, reduce
turnover costs, and drive productivity.”
About the Care.com 2016 Senior Care
SurveyThe Care.com 2016 Senior Care Survey captured
responses from nearly 500 people in the United States during the
month of April 2016. Respondents were recruited from Care.com.
About Care.comSince
launching in 2007, Care.com (NYSE:CRCM) has been committed to
solving the complex care challenges that impact families,
caregivers, employers, and care service companies. Today, Care.com
is the world’s largest online destination for finding and managing
family care, with 11.0 million families and 8.6 million caregivers*
across 16 countries, including the U.S., UK, Canada and parts of
Western Europe, and approximately 800,000 employees of corporate
clients having access to our services. Spanning child care to
senior care, pet care, housekeeping and more, Care.com provides a
sweeping array of services for families and caregivers to find,
manage and pay for care or find employment. These include: a
comprehensive suite of safety tools and resources members may use
to help make more informed hiring decisions - such as third-party
background check services, monitored messaging, and tips on hiring
best practices; easy ways for caregivers to be paid online or via
mobile app; and household payroll and tax services provided by
Care.com HomePay. Care.com builds employers customized benefits
packages covering child care, back up care and senior care
consulting services through its Care@Work business, and serves care
businesses with marketing and recruiting support. To connect
families further, Care.com acquired community platforms Big Tent
and Kinsights in 2013 and 2015, respectively. Headquartered in
Waltham, Massachusetts, Care.com has offices in Berlin, Austin, New
York City and the San Francisco Bay area. For more information,
please visit www.care.com.
*As of March 2016.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160705005166/en/
Care.comJacalyn Lee, 781-795-7328Public Relations
Directorjlee@care.com
Care com (NYSE:CRCM)
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