Americans know they sacrifice them to provide care for their elderly parents, but they probably don't just how high a price they are paying. A study released Tuesday by the MetLife Mature Market Institute, the National Alliance for Caregiving and the Center for Long Term Care Research and Policy at New York Medical College, put that cost at $3 trillion.
The study, The MetLife Study of Caregiving Costs to Working Caregivers: Double Jeopardy for Baby Boomers Caring for Their Parents, shows that on average, each individual caregiver loses income of more than a quarter-million dollars. Men lose less than women, coming in at $283,716; women lose $324,044. And that loss is on the rise: The current percentage of adults providing care to an elderly parent has tripled since 1994.