Caregivers are facing a "generosity paradox": Paying for loved ones but not wanting their kids to do so for them
Source: Business Insider ·
Caregivers are facing financial strain while supporting elderly loved ones, risking their own security. An Edward Jones report highlights the dilemma.
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Barbara Marcanti, Carla Bacon, and Kathleen Korpela have all navigated caring for their aging loved ones.Barbara Marcanti/Carla Bacon/Danielle Barnum PhotographyCaregivers risk financial security to support older loved ones, creating a "generosity paradox."An Edward Jones report reveals caregivers spend $8,700 yearly, sacrificing savings for loved ones.Long-term care costs strain families, with many spending six figures on nursing facilities annually.Many caregivers for older loved ones are stuck in a painful dilemma: They're willing to put their financial security at stake to care for loved ones today, but that leaves them at risk of being a burden on their families later on as they age.This "generosity paradox" is at the heart of "The Financial Impact of Caregiving" report by Edward Jones, Age Wave, and The Harris Poll, which was shared exclusively with Business Insider. The report found 87% of caregivers providing financial assistance agreed that they didn't want to feel like a…