Dwindling Finances and Growing Senior Population Put Strain on Younger Generations

Results According to Senior Living Survey
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Approximately 23 percent of Americans anticipate they will have to provide care for a loved one in the next year, according to a survey released today by A Place for Mom, Inc. (APFM), the nation's largest senior living referral information service.

Prepared by Kelton Research, the survey asked more than 900 Americans ages 30 and over questions relating to the health of their own families, what they anticipate their responsibilities as caregivers will be in the coming year and how they are preparing financially for the expected burden.

While many Americans realize they will have to face the reality of caring for a loved one in the near future, nearly one in five adults admit that difficult economic times have precluded them from saving money for the necessary costs, or in some cases even forgoing proper care for a family member.

"The aftermath of the economic downturn can be seen in the hard choices our families have to make day in and day out," said Sean Kell, CEO of a Place for Mom. "Our advisors are helping more than 150,000 families per year find senior living options, and in each case they need to weigh a senior's best interest with a family's economic ability to sustain their lifestyle as long as it is required. Ideally, seniors would enter that stage in life in the strongest possible financial position, and that requires a great deal of planning and preparation."

In light of these financial burdens, the survey showed that an astounding 96 percent of Americans over the age of 30 believe that taxpayers should be allowed to claim aging parents living under their care as dependents on a tax return. Out of those Americans, married couples over the age of 50 feel most strongly about the issue.

For more information on tax incentives for caregivers, please visit: http://assisted-living.aplaceformom.com/articles/tax-tips-for-seniors/.

For more information about A Place for Mom, please visit aplaceformom.com.