As our nation’s senior population grows, the demand for long-term care continues to increase, and for many adult children, long-term care becomes a part-time job.
According to a new study published by the Center for Retirement Research at Boston College, about half of informal care is provided by an adult child. In fact, 17 percent of adult children will provide care for aging parents at some point in their lives.
While the percent of adult children caring for their parents is six percent at any given time, those who do provide long-term care dedicate a substantial amount of time to caregiving. Adult children caregivers will spend an average of 77 hours per month dedicated to caring for their parents. That’s two weeks of full-time work a month.
Financially, the study reported that adult children caregivers spend an average of 35 percent of their budget on caring for their parents. The study also stated that adult children caregivers can experience increased depression and decreased health and are more likely to retire earlier and work fewer hours at a paying job.
You can find the original Center for Retirement Research study here.