Lincoln Financial Group recently conducted a Long-Term Care planning market survey report to assess the emotional response related to caregiving. Here’s a look at the survey team’s key findings:
People want to help their family members in need of care, but also recognize the associated challenges and sacrifices.
44% said they would feel overwhelmed if they suddenly became a caregiver.
People are willing to help with personal needs and activities of daily living, but less comfortable with larger sacrifices like money and space.
79% said they could help with caregiving and feeding, and 75% said they could help with personal needs, such as cleaning and transportation. But only 35% said they would and could quit their jobs to provide care, and just 35% said they could and would pay to put loved ones in a long-term care facility.
Middle-aged Americans often face the predicament of multigenerational caregiving, ‘sandwiched’ between raising children and caring for aging parents.
Lincoln found that the GenX survey participants were more likely than boomers or millennials to say they could identify with almost every possible emotional reaction to caregiving that the survey form listed to include compassion and anxiety.
In the event of their own Long-Term Care needs, people generally do not have a solid plan in place.
Of those age 65+ with children: 30% do not want their children to be their primary caregiver, but have not arranged other plans; 20% are not sure of their plans.
Your clients need to be educated on the potential financial risks of needing Long-Term Care in retirement and need to know that there are solutions! It is imperative that you have these conversations.
Zenith Marketing Group is ready to help you find the right solution for your clients. Let us be your LTC expert! (800) 733-0054