Almost Half Of Americans Financially Support Aging Parents Or Expect To Do So

Nearly half of Americans contribute to the financial support of their parents, the parents of their partners, or both, or expect that they will do so in the future, a recent survey reported. About 23% said they were already providing financial support to aging parents.

Of the 23% of adults who reported providing financial support to their parents, common categories of expenses included groceries (69%), housing (44%), utilities (43%), and medical costs (42%). Contributing to the financial support of aging parents included incurring debt for 58% of those who did so, and 53% said they borrowed $5,000 or more . . .