According to a recent UBS survey of 1,849 investors one of the most common fears is that they will one day become a burden to their children. About 47 percent of the investor’s surveyed described caring for their own parents as a “heavy burden” and expressed fears that their own children might one day have to take on that same task. According to UBS some of the causes of the difficulties in caring for elderly parents include longer lifespans, more costly healthcare options, and geographic diaspora of families. Another alarming bit of information gathered from the survey is that many investors are failing to adequately plan for their own long-term care. If these trends continue many families could be faced with the future struggles of having to help provide for the long-term care of an elderly parent.
See Christopher Robbins, Wealthy Investors Fear Becoming Children’s Burden, Survey Says, Financial Advisor, October 27, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
