The Impact of Cognitive Decline on Families’ Finances: RBC Survey
February 5, 2019 by Emily Zulz
As cognitive decline becomes an increasingly significant part of Americans’ lives, it is having a massive impact on families’ finances, according to a new study from RBC Wealth Management- U.S.
According to the Alzheimer’s Association, 5.7 million Americans are living with Alzheimer’s disease, a figure that is expected to reach 14 million by 2050.
As the population ages, the responsibility of caring for aging relatives is falling largely to next of kin. In fact, one in five (19%) American adults currently assists an older family member, according to the RBC survey. Specifically, 17% of respondents regularly help with chores, cooking, cleaning or traveling to appointments, 5% provide housing and 5% offer financial support.
The survey found that among those who provide financial support to an older relative, the average monthly contribution is $403. Twenty-two percent contribute $500 to $999, and 14% contribute more than $1,000.
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