Thursday, June 16, 2011

MetlLife report about the financial cost of being a carer

I am often asked why I write so much about the US. Unlike a lot of my friends, I don’t think the difference between Brits and Americans are as large as either nationality would like to think. So what happens in the UK has lessons and implications for the UK. Secondly, there is no doubt that the best research about older people is done in the US.

For all I know, Germany may be drowning in research but since I cannot speak German I will never know.

MetLife is one of the US companies that consistently comes up with insightful stuff. The most recent report about the cost to children of care giving to their parents is no exception.

A couple of facts to mull over.

The percentage of adult children providing personal care and/or financial assistance to a parent has more than tripled over the past 15 years. Currently, a quarter of adult children provide these types of care to a parent.

The total estimated aggregate lost wages, pension, and Social Security benefits of these caregivers of parents is nearly $3 trillion.

Just think, if you have products and services that make this care giving experience less hassle and less costly then you have one hell of a big market. Am I right or am I right? Dick Stroud

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