As of 2023, 53 million people (more than 1 in 5) were caring for a parent, a spouse, or another relative, and of those, 37.1 million were providing unpaid eldercare. As baby boomers approach retirement (and a stunning number of them have made zero financial preparations to do so), it’s likely that a significant number of Generation X, millennials, and even Generation Z will soon join their ranks. 

Taking care of an elderly loved one is a tremendous task. Let’s remember roughly 50% of families have two people working in a home, and they’re already struggling to manage rearing children, housework, activities, and bills. Speaking of bills, more than 1 in 4 have less than $1,000 in savings. In short, they’re strapped for time and cash, and that’s before you add caring for parents into the mix.