Some baby boomers are worrying about the financial costs of caring for their aging parents, and whether they’ll be able to live close to them as they age.
That’s one of the insights contained within a new survey commissioned by Capital Senior Living (NYSE: CSU) about baby boomers’ attitudes as they juggle taking care of their parents and living their own lives. The survey, which was conducted by market research company OnePoll, was sent to 2,000 baby boomers.
While the survey focuses only on boomers who are still caring for their parents, it could provide new insight into what the crucial demographic will ultimately want when they, too, age into senior housing settings. Just 12% of the respondents reported parents who lived in a senior living setting, while 19% said their parents still live at home.
“Baby boomers will be the largest generation entering the senior care system over the next few years and are currently the decision-makers for many of their parents,” Capital Senior Living COO Brett Lee told Senior Housing News. “It’s important that we, as an industry, understand their feelings and concerns about aging — like how prepared they feel — so that we can better answer their questions, help them plan their futures and put their minds at ease.”
About half of the surveyed baby boomers felt like they were “parenting their parents,” with overall concerns related to costs (41%), providing part- or full-time care (38%) and living close to them (32%). And baby boomers fretted that their parents might struggle with staying active (39%), feeling isolated (39%) or keeping up with medications (38%).
The survey also asked boomers about how they felt about their own aging. Boomers responded they worried about being a burden (52%), managing their own health (49%) and staying active (42%). More than three-quarters (79%) of boomers thought more about their own aging since taking care of their parents, according to the survey.
“I think the challenge for us now, as an industry, is to make sure we’re educating boomers on the services that senior living communities provide, and that communities do more than just care for seniors’ physical health,” Lee said. “They help boomers and their parents live a better life.”
Written by Tim Regan