Are our kids ready, willing and able to care?
As baby boomers, born between 1946 and 1964, we’ve seen more good times than bad. And, for the most part, so have our children. The millennials, most of whom have been blessed with more worldly, technology filled upbringings.
Life for us, and them, has been remarkably different in so many ways. Our parents, their grandparents, lived through the second world war, and endured hardship in many ways. But, as millennials enter the decade in their lives when it’s might well be time to take on the affairs of a senior relative or their mothers and fathers, the big question is ….will they have what it takes to provide that care? Physically, mentally or financially.
Experts say it’ll be, “pressure on top of pressure.” Most women are no longer at home with their children and juggle childcare with busy careers. They also don’t have the wealth cushion to take time off or leave their employment. Many don’t own their own homes and had fewer kids later so they’re still in the non-stop laundry phase and often don’t live close by. The prospect of taking another adult into their home, may be as impossible as them moving in with mum and dad. Additionally, the divorce revolution, and late in life remarriage in their parent’s generation, may have depleted generational assets and healthcare needs may have the potential to use up what’s left.
Large scale policy reforms are seen as a solution by some; reimbursements, long-term care insurance, flexible job and earnings options and broader paid family leave. But will they come in time? I fear not. Rather, the first step is, as a recent Vox research study suggested, is to combat the silence around the topic and have conversations with each other our kids and our elders before the crisis hits.
There’s no magic bullet but, suffice it to say that it makes sense for a lot of today’s boomers to take it upon themselves to start speaking up, getting advice and planning ahead. Because, as Yogi Berra said so well, “If you don’t know where you are going, you’ll end up someplace else.”
Caroline Tapp-McDougall
Editor in Chief
caroline@bcsgroup.com
