You might be surprised how many of our elders lean on the younger generations for money and time because their own retirement savings are so low. In a new report, New School researchers Jessica Forden and Siavash Radpour dug deep into the data to understand how family member bear the costs elder care and support. As Forden and Radpour show, financially strapped adults and non-white families are more likely to support elderly parents, deepening existing socioeconomic inequalities.
Providing care and support for older parents is a fact of life for millions of American households. Thirty percent of adults with at least one parent aged 65 or older report that their aging parent or parents need their help in everyday self-care or in finances. Nearly one-third of middle-aged adults with at least one living parent give money to their parents. And more than half of middle aged adults gave $1,000 or more to their parents in 2019 for ongoing necessities like groceries, and for less frequent, but more expensive items, such as medical bills.