April 11, 2024
Matthias Zomer/Pexels
More than half of adults 25 and older are claiming their parents as dependents on their 2023 tax returns, according to a new survey from Caring.com. More than one-third say they are overwhelmed by their parents' medical expenses or debt.
Partly due to the high cost of medical care and senior care, more than half of adults 25 and older are claiming their parents as dependents on their 2023 tax returns, a new survey shows.
Out of the 4,000 people surveyed, nearly 75% of those who claimed their parents as dependents on their tax returns also claimed one or more children. The survey was commissioned by Caring.com, a website that provides information, resources and a directory of caregiving services.
"As the Baby Boomer generation continues to age, we see how stretched thin the sandwich generation truly is," said John Farrell, director of financial planning and analysis at Caring.com. "Add to this recent economic shocks, growing income disparity and a tight labor market, and you have a perfect recipe for a caregiver crisis."
More than half of Americans in their 40s are "sandwiched" between supporting a child under 18 or having helped support an adult child and caring for their aging parents 65 and older, a 2021 Pew Research Center survey found. Approximately one-fifth of American adults will become caregivers at some point, with the large majority providing care for their elderly parents, according to research from the American Association of Retired Persons. Studies also show that family caregivers of older adults have higher rates of depression, anxiety, stress and chronic disease.
The new survey, conducted online between March 14-16, broadens this picture with data that illustrates how caring for aging parents is becoming a financial stressor for more Americans.
Out of the survey respondents, 35% said that they were overwhelmed by their parents' medical expenses or debt. Additionally, 35% said they were supporting their parents financially because their parents couldn't afford senior living or care costs. More than 40% said their parents' savings, investments and income, including Social Security payments, could not cover the current cost of living.
Three of four respondents who claimed senior parents on their tax returns had at least one parent living with them. One in five seniors were victims of fraud or scams, leading them to become financially dependent on their children. Nearly half of the adults surveyed said that they were supporting their parents out of a sense of responsibility.
Approximately 40% said they were claiming adult children as a dependents because they had made poor financial decisions or were unemployed, while 55% said their children were full-time students.
"We talk with caregivers every day who are trying to hold down a job, provide for their children, and care for their aging parents at the same time," Farrell said.
Mental Health America, a national nonprofit organization working to promote mental health through research, education and advocacy, offers the following advice on how to cope with parenting while also caring for an aging parent:
• Be organized. Make a list of things that need to be done, and set realistic priorities and goals. Have a backup plan in place.
• Stay healthy. Get enough sleep, eat a healthful diet and exercise regularly. Most people tend to overlook their own health when taking care of others.
• Make a little time to do things you enjoy. Relax with family and friends. Having fun, laughing and focusing on things other than your own problems helps you keep your emotional balance and makes you a much better caregiver.
• Ask for help when you need it. There will be times when you can’t do everything that needs to be done, so call on friends and family members for help with different tasks.
• Use community resources, such as adult day services, meal or shopping services, and caregiver support groups to help lighten your load. Also look to see what programs are offered through your place of worship.
• Feel stressed, angry or depressed? Step away from the situation for a while. Leave the room for a minute or take a walk around the block.
• Do not drink excessively or use drugs to cope with the stress. If the feelings continue, talk to a trusted friend, relative, clergy or health professional. Ask your employer if there is an employee assistance program you can use.
• Talk to your supervisor at work about your caregiving responsibilities, so he or she knows what difficulties you may experience. Offer to make up any work time you take off for caregiving.
• Find out your company's policy on caregivers. It may offer benefits or services that can help. Take advantage of flextime policies at work. Consider working part time or job sharing.
• Ask your human resources department for information on the Family and Medical Leave Act. This allows up to 12 weeks a year unpaid leave for family caregivers who meet certain requirements.
• Always thank your coworkers, friends and family for their help and consideration. Offer to help them with heavy family responsibilities.
