Familial Caregiving Affects Many

RBC Wealth Management recently collaborated with Ipsos to poll over 2,000 Americans ages 35 and older and found that 17% of respondents regularly help an older family member with chores, cooking, cleaning or traveling to appointments.

In addition, 5% of respondents provide no-cost housing, and 5% offer other financial support to older family members, RBC’s survey found.

As the U.S. population ages, the responsibility to care for aging relatives is falling largely to next of kin. In sum, the survey says, almost one in five (19%) American adults currently assists an older family member in some capacity.

What is more striking in the survey results is the sizable monetary contributions many Americans put each month toward supporting older relatives. The survey found that, among those who provide financial support to an older relative, the average monthly contribution is $403. Twenty-two percent contribute $500 to $999, and 14% contribute over $1,000.

“As lifespans increase, and as the cost of health care reaches new heights, many adults are shouldering the responsibility of ongoing support for their family members,” says Angie O’Leary, head of wealth planning at RBC Wealth Management U.S. “It’s important for people to have a financial plan in place so they can help care for their relatives, while also preparing for their own financial future.” She says retirement readiness for caregivers is possible but not easy to achieve