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FACT OF THE WEEK
 

Boomers spend 13% of annual income on unpaid caregiving costs for adult relatives or friends

 

 
Baby boomers (age 51-70) spend about 13% of their annual income on unpaid caregiving* costs for a relative or friend 18 years of age or older, according to a 2016 AARP study. In comparison, the “Silent” generation (age 71-91) spends 25% of their annual income on caregiving for an adult relative or friend, while GenX (age 35-50) and Millenials (18-34) spend 24% and 27%, respectively. (Table 4, p. 9)
 
*includes help with personal need or medication management, household chores, transportation, managing personal finances, arranging for outside services, preparing meals, grocery shopping, bathing or dressing, or regular visiting.
       
 
        Rainville, C., Skufca, L., & Mehegan, L. (2016). Family caregivers cost survey: What they spend & what they sacrifice. Washington DC: AARP. Retrieved from this source.
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