Younger U.S. consumers may be even more conscious of the possibility that they could become caregivers for adult relatives than older consumers are.
Kari Ullman of J&K Solutions, presented that finding today at a press conference on long-term care (LTC) planning organized by Genworth Financial Inc. (NYSE:GNW).
Ullman summarized the results of a recent online survey of 1,228 adults ages 18 and older sponsored by Genworth. She classified participants ages 18 to 39 as Millennials, or members of the generation born after Generation X.
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Participants were asked, “Do you feel the primary burden of providing long-term care for your parents or grandparents will fall to you and others in your generation?”
Only 42 percent of the participants who were age 60 or older said they thought they might become primary caregivers.
Sixty percent of the participants who were 40 to 60 years old said they might be primary caregivers.
Sixty-nine percent of the participants under the age of 40 said they might be primary caregivers.