There’s no shortage of opinions about Millennials or Gen X. According to the latest U.S. census data, there are over 61 million Millennials aged 24 to 39 and 65 million Gen X’ers aged 40 to 55. Between both of these generations, many are facing a new reality or role – the caregiver – that is significantly influencing their lives today and for years to come, as their reality of caring for a living parent(s) unfolds.
Are these generations merely managing or thriving as caregivers? We examine to what extent each generation provides support, from personal finances to healthcare decisions. In August 2020, using a third-party online survey, we polled 1,000 Millenials and 1,000 Gen X’ers (2,000 total respondents) who indicated having a relationship with a living parent. What we found in the report was astonishing:
A third of Millennials and Gen X’ers assist their parent(s) financially,
and most believe assisting their parent(s) will impact their finances.More than a quarter of Millennials and more than a third of Gen
X’ers help manage their parent(s) healthcare.
