Information needs and challenges faced by adult child financial caregivers of aging parents

Abstract

The exploratory study reported here examined needs and challenges faced by "financial caregivers" for aging parents. Focus group interviews revealed how caregivers (N=22) assisted their parent(s) and financial information needed. Findings indicated most caregivers needed information about later life financial products and processes, and some needed basic financial literacy skills. Caregiver challenges included concerns about adequacy of parents' resources, difficulty communicating about finances, finding/organizing parents' records, accessing parents' accounts, and selecting/financing long-term care. The author concludes caregivers need and could benefit from financial education. She recommends segmenting the caregiver population and targeting subgroups with appropriate methods and messages. ©by Extension Journal, Inc.