Older adults are increasingly providing care for elderly parents or others, according to a May fact sheet from the Boston College Center on Aging and Work. Over the past 20 years, there has been a gradual, moderate increase in the number of those providing elder care, with one in seven older workers having responsibility for a child and an adult, the report states.
Between 1989 and 1999 the percentage of older adults providing this care rose from 36% to 44% and the number continued to rise over the past 10 years as well, including financial assistance provided to children and grandchildren.
Because of this financial responsibility, the Boston College research states, many older adults want to remain in the workforce longer so that they can continue to provide this support. It has some bearing on their work schedules as well as their vacation time. Many postpone retirement, but many others stop work earlier or cut back on hours in order to fulfill caregiving responsibilities.
“Increasing numbers of older adults are involved in caregiving and financial support of their parents, spouses, adult children and grandchildren,” the report states. “Many older adults today find that they need to continue to work in order to help family members financially, while others need flexibility in their work schedules to meet caregiving demands.”
View the full fact sheet.
Written by Elizabeth Ecker