Love & Money Month – Parents

An AARP survey of adults between the ages of 40–64 demonstrated that 32% had provided regular financial support to their parents in the past year. This number is expected to grow.

With the current average annual cost for in-home elder care (help with daily living tasks) at $70,669, and the average cost for home healthcare (help with personal care and health-related services) at $77,769, you should plan and budget for this expense well in advance. Nursing home care varies by state, but can be significantly higher.

Part of the NFEC’s Love & Money Month campaign (throughout February each year) is to help families prepare for this potential expense by raising awareness, encouraging discussion, and providing resources. The ‘Talking with Parents about Finances: Tip Sheet and Guide’ will provide you strategies to open up the conversation with your aging parents about their finances so your family is better prepared.