Caring.com Report Finds 72% of Gen Zers Plan To Care For Aging Parents, Only 16% Aware of Senior Care Costs

Gen Zers who plan to be involved in their parents' senior care anticipate their parents moving in with them or them serving as their parents' primary or supportive caregivers

CHARLOTTE, N.C., Nov. 13, 2023 /PRNewswire-PRWeb/ -- Caring.com, a leading senior living referral service and the nation's top site for senior care reviews, has published a recent report that examines how Gen Zers plan to care for their parents as they age. The report also shares insight into Gen Xers' and Baby Boomers' expectations of their children's involvement in their future senior care. Overall, Caring.com experts surveyed 1,500 American adults from Gen Zers to Baby Boomers.

According to the 2023 survey, 72% of Gen Z adult respondents plan to be involved in their parents' future care. However, only 61% of adults in Gen X and the Baby Boomer generation believe their children will be involved in their future senior care. Gen Zers who plan to be involved anticipate that either their parents will move in, or they may take on a primary or supportive caregiver role.

Furthermore, 60% of Gen Z respondents plan to provide 'full' or 'partial financial support' for future care costs. On the contrary, only 45% of Gen X and Baby Boomer respondents anticipate their children will fully and partially cover future care costs. Despite Gen Z's willingness to care for their aging parents, only 16% are aware of the average annual cost of full-time senior care: $50,000 to $70,000. Furthermore, less than 4 in 10 Gen X and Baby Boomers have talked to their children about their future care plans.

"Our survey clearly outlines discrepancies between Gen Z's plans and Gen X and Baby Boomers' expectations regarding future senior care needs and associated costs," says Susann Crawford, VP of Sales at Caring.com. "While aging may be a sensitive and scary topic to bring up, these family discussions help ensure that everyone is on the same page and initiate the future planning process."

Survey results also highlight why 10% of Gen Z respondents do not plan to be involved in their parents' care. Among this group:

• 33% say they 'don't think they will have enough money'
• 31% say they 'don't think they will close enough'
• 29% say 'someone else will do it'

Additionally, among Gen X and Baby Boomer respondents who do not believe their children will provide care:

• 40% say their children 'won't be willing to spend the time or money it would take'
• 38% say their children 'don't think they will close enough'
• 32% say their children 'won't have enough time to provide care'

In partnership with PollFish, Caring.com surveyed 1,500 American adults over the age of 18 ? 500 Generation Zers, 500 Generation Xers, and 500 Baby Boomers ? to determine if parents and children have the same expectations for parents' future care needs. The survey was conducted online on October 3, 2023. To access full survey results or get more information about the survey, please visit https://www.caring.com/caregivers/gen-z-caregiving-plans-report/

ABOUT CARING.COM
With millions of website visitors, Caring.com is a leading senior living referral service and the nation's top site for senior care reviews. Founded in 2007, Caring's mission is to help as many seniors and their caregivers as possible through empathetic, expert guidance. Applying cutting-edge technology to this humane mission, Caring provides relevant senior care information and support, as well as comprehensive senior living and senior care directories for the United States, including more than 350,000 consumer reviews. Through a toll-free referral line at (877) 630-3480, Caring's trustworthy, nationwide team of Family Advisors ? who are among the most highly trained, highly skilled, and knowledgeable experts in senior care ? helps seniors and their families research and connect to the most appropriate services and support for their specific situations. For more information about our organization and our free services for seniors and their families, please visit https://www.caring.com/about and join with Caring on Facebook.

Media Contact

DENISE GRAAB, DIRECTOR OF REVIEWS PROGRAM & MARKETING, Caring.com, (650) 762-8190, [email protected], Caring.com

SOURCE Caring.com