The Real Reason Millennials Are Stressed About Caregiving—Plus Smart Resources That Really Help
A resurfaced debate exposes the financial strain driving a wedge between Baby Boomer parents and their adult children
Key Takeaways
- Financial strain from student debt and inflation prevents millennials from caregiving.
- New polls reveal one in four family caregivers must take on extra debt to survive.
- Most Baby Boomers now plan to rely on long-term insurance rather than adult children.
The generational divide between Baby Boomers and Millennials seems to be at an all-time high these days. One of the most controversial topics between the groups? Caregiving. A 3-year-old Reddit thread has resurfaced, with Millennials expressing their frustrations about the expectation that they’ll serve as primary caregivers for their aging parents. So what exactly could that mean for families moving forward? Keep reading for a closer look at how both sides feel about caregiving expectations today, plus the financial resources available that can help make a difference.
The caregiving debate: Why Millennials say they can’t help aging parents
In the Reddit thread making the rounds, many Millennials have made bold statements declaring that a potential caregiving “crisis” for the Baby Boomer generation is not only inevitable, but it’s also completely understandable.
The main reason? The financial burden. “Imagine that; so you saddle the younger generation with crushing debt, give them a struggling economy to begin their working life and nuke the housing market and the Boomers are ‘surprised’ that their kids can’t afford to take care of them?” one Reddit user commented.
Though the thread was created three years ago, cost of living concerns remain. Inflation in everything from groceries to housing has taken its toll on many Americans. For Millennials with kids, these costs are even greater as they work to provide security for their families while paying off their own student loan debts and saving for retirement. The idea of adding caregiving costs into the mix without going into debt can seem next to impossible.
Do older generations agree with the Millennial opinions? Views are mixed. Though many aging Americans agree that there’s no obligation for children to become caretakers for parents, some feel there’s a trade-off financially.
“If they don’t, it will be their inheritance keeping me going in assisted living,” a Reddit user shared in a different thread.
The reality of family caregiving: What the numbers reveal
There are frequently heated discussions on the topic of generational caregiving, but not much has changed over the years. A 2020 AARP survey found that 41.8 million adults serve as caregivers for people aged 50 and older.
And here’s where the Millennial concerns come in: that same poll found that family caregiving is leading to significant financial stress. One in five caregivers report high financial strain as a result of caregiving, three in 10 have stopped saving and one in four have taken on more debt.
With statistics like these, it’s clear why younger generations have expressed the need for a reevaluation in how families handle caregiving. But how do those who may soon need care feel about the pushback? Let’s break it down.
What Baby Boomers really think about asking their kids for help
Millennials aren’t the only ones speaking up about the realities of caregiving. Many Boomers have made their stance on caregiving clear, as well. The majority opinion? They no longer plan to rely on their children for help.
“I used to [expect my children to be caregivers] in my fantasy as I was totally devoted to my aging parents who made it to 95 and 96 years old,” shared one Reddit user. “But seeing my daughter-in-law and son’s current overall Millennial-style attitudes, it’s a good thing I have an awesome long-term care policy that is no longer available to newbies these days.”
Others have expressed complete sympathy for younger generations (especially after caring for their own aging parents), but still have a desire to remain close as the years go by.
“I hope they’ll be involved,” one commenter shared. “I just don’t want to be abandoned.”
Some even went so far as to say they would be more than fine helping out their own kids in exchange for support and security.
“I would love to live with one of my children, to help them with childcare, cooking, house projects, etc.,” another added. “I hope to fall over dead before I am unwell enough to need care.”
Smart financial resources that ease the caregiving burden
It’s no secret that caregiving can be expensive, whether you’re paying for your own care or you’re serving as a caretaker for a parent or loved one. Luckily, there are several ways you can ease the financial burden.
Covering the cost of your own caretaker
- Check your insurance: Some policies will cover home health aides and personal care workers or even reimburse family members serving as your caregiver.
- Contact your nearest area agency on aging: These organizations can help with everything from grants and vouchers to matching you with a volunteer caregiver.
- Consider Medicaid waivers: Some states offer programs that help eligible older adults pay for in-home care.
Getting financial support as a caregiver
- Apply for the Program of Comprehensive Assistance for Family Caregivers: If the parent for whom you are caring is also a veteran, this program can provide a monthly stipend and health coverage for the recipient.
- Explore tax credits: According to the National Council on Aging, caregivers may qualify for dependent tax exemptions or credits.
- Seek out Medicaid waivers: If you’re a qualifying family member, you could get paid for providing daily care for a parent.
Whether you’re thinking about your options for your parents or planning ahead for your own future, know that there are support groups, tools and resources available to help your situation.
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