Caring.com Study Finds Half of Americans Aged 25 or Older With Senior Parents Are Claiming Them as Dependents on Their Taxes in 2024

2024 Caring.com survey shows that the majority of Americans with senior parents are financially supporting them due to their insufficient income and savings compared to the rising cost of living.

CHARLOTTE, N.C., April 8, 2024 /PRNewswire-PRWeb/ -- Caring.com, a leading senior living referral service and the nation's top site for senior care reviews, published the results of its 2024 Senior Financial Dependence Study. The study, based on a survey of more than 4,000 Americans aged 25 or older conducted in March of 2024, found that more than 1 in 3 of all respondents said they were claiming their parents on the 2023 tax return, and more than 50% of those with senior parents said the same.

More than 4 out of 10 survey respondents pointed to their parents' insufficient income and dwindling savings as a primary reason why they were financially dependent. Additionally, 35% said medical expenses/debt was a primary reason and 35% indicated that their parents couldn't afford senior living or care.

"It's increasingly common for us to hear stories of caregivers who are financially supporting their parents because they aren't able to afford to stay in their home or get adequate care," says Nick Reyer, Accounting Manager at Caring.com. "Caregivers are increasingly stretched thin, as many also are still financially supporting their children, even into adulthood."

Known as the "Sandwich Generation," 3 out of 4 adults who are claiming their senior parents on their taxes are also financially providing for their children, with one-third of the Sandwich Generation claiming an adult Gen Z child on their 2023 tax return.

Of those who are claiming their parents on their taxes this year, over 28% are doing so for the first time, with another 25% claiming them for the first time on their 2022 tax returns. With over 50% of the respondents claiming their parents for the first time in the past two years, there seems to be a concerning trend.

Overall, the survey clearly shows that caregivers are having to step up to provide for both their parents and their children at an alarming rate, and they are in need of crucial support. Caring.com provides numerous resources to help caregivers cope with the financial, emotional, and physical impact of caring for their parents.

Read our full report at https://www.caring.com/caregivers/senior-financial-dependency-study/ to find resources for caregivers, and more findings from this survey, including:

• 3 out of 4 seniors who are financially supported by their adult children also live with them.
• 4 out of 10 "sandwich generation" parents say they financially support their adult children because the child is unemployed.
• 21% of adults who are claiming their parents on their taxes say a primary reason is that their parents were or are the victim of a scam or fraud.

Caring.com partnered with PollFish to survey more than 4,000 American adults 25 years and older to determine if they're claiming their parent(s) as a dependent on their taxes, when they started doing so, and why. The survey was conducted online on March 14th - 16th, 2024.

ABOUT CARING.COM
With millions of website visitors, Caring.com is a leading senior living referral service and the nation's top site for senior care reviews. Founded in 2007, Caring's mission is to help as many seniors and their caregivers as possible through empathetic, expert guidance. Applying cutting-edge technology to this humane mission, Caring provides relevant senior care information and support, as well as comprehensive senior living and senior care directories for the United States, including more than 350,000 consumer reviews. Through a toll-free referral line at (877) 630-3480, Caring's trusted, nationwide team of Family Advisors — who are among the most highly trained, highly skilled, and knowledgeable experts in senior care — helps seniors and their families research and connect to the most appropriate services and support for their specific situations. For more information about our organization and our free services for seniors and their families, please visit http://www.caring.com/about and join with Caring on Facebook.

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SOURCE Caring.com