Boomers Caring for Matures
Posted On November 29, 2012
As Baby Boomers work towards retirement and see their kids off to college, many are finding that they still have a major responsibility: caring for their parents. 40% of Boomers are caring for their aging parents, all of the Mature generation. And it’s definitely affecting their lives and work: nearly 70% of Boomers report missing work to take care of an elderly relative. 60% have employed caregivers, 10% have left work, and another 10% have reduced the number of hours they work.
Many are also caught between caring for their kids and their parents – the classic sandwich generation. But another 36% have care giving responsibilities for both their parents and their grandchildren – there’s four layers in that generational sandwich when you add it all up.
Given increasing longevity, the issues surrounding eldercare and multigenerational household responsibilities are likely to come up more and more frequently in the workplace and to affect retirement plans – giving a new dimension to the multi-generational issues facing the workforce.