Time, Money and Distance: the Story of Boomers on Call

Call it being a caregiver, parenting your parents, or just being "on call." A new Investors Group poll reveals that Canada's baby boomers are devoting their time, their money and racking up the mileage to help their aging parents with everything from a drive to the doctor's office to making financial and health decisions.

According to a national survey of Canadians 43 to 63 years of age, 69% still have at least one living parent or parent-in-law. Among this group, 35% report they are providing care in one form or another for aging parents. Specifically, these caregiving boomers are travelling a monthly average of 225 km and devoting the equivalent of a work week (42 hours) each month to provide support on a variety of fronts. In addition to these commitments, 39% of caregivers are also providing financial assistance to their parents. The price tag: an average of $498 per month.
"Taking care of your parents is nothing new, but we are definitely seeing its effect on boomers' resources as they approach retirement," said Jane Olshewski, Manager, Financial Life Planning at Investors Group. "As this group and their parents grow older, more and more boomers will need to learn how to cope with these duties."

It's not about the money
Although some caregiving boomers are spending an average of nearly $6,000 per year on their parents, financial support is only one of the responsibilities that boomers have taken on to support their parents. According to the poll, everyday activities such as companionship (65%), transportation to appointments or social events (64%), home maintenance (56%) and household chores (55%) mingle with weightier matters like help with their parents' banking and investment activities or financial decision-making (61%) and ensuring that their healthcare needs are met (55%).
Time-crunch
Only 9% of caregivers identify their financial commitments to their parents as a source of stress. In fact, nearly half say it makes them feel very good to provide this support and two-thirds feel like they're repaying their parents for the time and effort that went into their own upbringing.
Instead of a money crunch, the poll found that caregiving boomers consider the demands on their time and emotional resources to be more stressful. 40% identify their parents' demands on their time as a strain, which may not be surprising since 32% of caregivers say their responsibilities result in lost time at work.
Among those providing help to their parents, roughly a third are also parents themselves. Many of these "sandwich" boomers describe these combined duties as a source of additional stress.
"Our research shows that boomers don't mind making these sacrifices, but many people may not be prepared for the volume or the emotional weight of these responsibilities," said Olshewski.
It's all worth it, say caregivers
Despite giving up a portion of their incomes, emotional energy and personal and work time, the poll shows that to most caregiving boomers, the benefits of being on call have proved invaluable.
More than half agree that their relationships with their parents have improved and their connection as a family has strengthened as a result of their responsibilities. And 60% say they spend more quality time together than they would have otherwise.
It takes a village
To cope with these challenges, the poll found that boomers are finding support in their own networks. Only 22% are going it alone; nearly three-quarters share the load with their spouses, siblings or other family members. The poll also reveals that while women are more likely to provide help to their parents, they're not shouldering the entire load. Of those boomers assisting their parents, 46% per cent of caregivers are men and 54% are women—suggesting that men and women are taking on near-equal responsibilities.
"Caring for your parents appears to be a trade-off—you're giving, but you're also getting back," said Olshewski. "At the same time, it's important to try for a sense of balance, so that you're not sacrificing your own priorities in the long term."
Source: Investors Group, a national leader in delivering personalized financial solutions to Canadians through a network of approximately 4,600 consultants located throughout Canada.





Not Everyone Has Found Balance While Providing Care
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