When it comes to providing care for an aging family member, a woman tends to be the primary caregiver.
Have you ever heard of the "daughter syndrome"?
Are you a working woman?
Do you have an aging parent or in-law who will soon be needing in-home care?
If so, you are likely going to be the primary one providing the care your loved one needs, according to a study reported by The University of Buffalo Now titled “Elder caregiving a growing burden to women in mid-career.”
Where did the numbers for the report originate?
The study used data gathered from about 9,500 women over two decades by the University of Michigan.
As a caregiver, you will likely work fewer hours at your job.
According to the study presented at the Women Working Longer Conference hosted by the National Bureau of Economic Research, women caregivers are 8 percent less likely to work.
What about after providing the elder care?
These women were 4 percent less likely to be holding a job.
According to the National Association of Insurance Commissioners, about 10 percent of caregivers will decrease the hours they work.
Six percent will leave their jobs completely, while 17 percent merely take a leave of absence.
About 4 percent of female workers who are also caregivers will decline a promotion to continue their caregiving responsibilities.
As the generations age, the odds are you will be a caregiver.
Currently, millions of women are caring for in-laws or parents.
The needs of caregiving are increasing.
Women are the ones doing most of this work.
Thirty-three percent have given care to a spouse, in-law or parent.
Most of these caregivers are about 56 years old.
Unless the caregiving is for a spouse.
Then caregivers tend to be older.
Usually late 60s.
The elderly will need help.
About 69 percent will need assistance with daily living.
What might these activities include?
Twenty percent will need help for five or more years.
Obviously, daughters and wives are vital to elder care.
According to a 2011 study for the AARP Public Policy Institute, the estimated value of informal family care more than doubled professional care in 2009 at $450 billion.
If you are a woman who is providing care, thank you.
If not, take time to thank the women who provide care for aging loved ones.
Chances are they are making sacrifices.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: The University of Buffalo Now (November 29, 2016) “Elder caregiving a growing burden to women in mid-career”