Here comes the age wave, silver tsunami, and greying of America. These fanciful terms refer to the Baby Boomers coming of age in the United States and requiring a great deal of care and assistance as they become increasingly frail. Who will take care of them? The children of the Boomers – the Millennials are stepping up to the plate to care for their parents and grandparents, and in huge numbers. Millennials are now becoming the new family caregiver. This comes at a time 40 million people act as unpaid caregivers and the 65+ population is doubling over the next generation. In the future, we will all either be a caregiver or we will need one.
Who are the Millennials?
The Millennials are the generation that follows Generation X. They are sometimes referred to as Generation Y or just Gen Y. They were born roughly between the years of 1981 and 1996 and are also sometimes called “Echo Boomers” because of a surge in births during this time frame and because they are the children of Baby Boomers. They are the children of the information and digital age as well as social media. The average age of a millennial is 27.
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What are They Doing?
According to a recent AARP report, 15% of millennial caregivers provide care for people with Alzheimer’s or dementia and spend roughly 21 hours per week proving care. One out of every three of them provide care to someone with a mental or emotional problem. Three out of four millennials provide care while maintaining their own employment and are more likely than other generations of caregivers to be working as well as providing care. This is a good and bad thing. While most Baby Boomer and Gen X caregivers have already established careers and larger savings accounts, Millennials have not. In fact, they face more economic and caregiving pressure than the generations before them.
An interesting trend is in the gender of caregivers. Traditionally, among Baby Boomers and Gen X, caregivers were primarily female. Today’s typical Millennial caregiver can be either male or female, with 53% being women and 47% men. They are somewhere in the early 20s or late 30s. While this generation is more comfortable on social media and disclosing lots of personal information, they tend to be quiet about their caregiving roles. One reason for this is fear that their employers will see their caregiving as an interference with their jobs.
The average Millennial caregiver spends around $7,000 of their own money on caregiving expenses like food, modifications to the home, and care supplies. Again, this would seem very generous and a positive quality, and indeed, it is. But, add their expenses to looming student debt that is far too common for most Millennials, and this becomes a serious financial problem for them. Because of such challenges, these caregivers also face emotional and professional challenges. They may be torn between to commitments. And, while some are still in school or working, others are starting their own families. Many Millennials report their caregiver roles interfere with their employment. It is important then, for employers to create new policies and benefits that are more family-friendly.
Final Thoughts on Millennial Caregivers
We are experiencing a caregiver shortage in the United States like never before. The Baby Boomers are entering retirement and senior care communities, and Generation X is right behind them. This trend is predicted to continue until 2050 and slightly beyond. Who will care for the millions of elderly Americans either in their homes or care facilities? How can we attract and retain good caregivers who will continue to provide care? Society is changing and the Millennials are the next generation to step up to the plate and provide care to millions of seniors across the country. Employers need to start thinking about who they are, what they need, and how to support Millennial caregivers. If we don’t have them, then who?
(NOTE: Interested in CEUs for Nursing Home Administrators? Checkout my Nursing Home Administrator CEUs on CEU Academy and try a FREE CEU today!)