An AARP survey of adults between the ages of 40–64 demonstrated that 32% had provided regular financial support to their parents in the past year. This number is expected to grow.

With the average annual cost of elder caregiving ranging from $5,531 to $11,923 for long-distance caregivers, you should budget and plan for this expense well in advance.

Part of the NFEC’s Love & Money Month campaign (throughout February each year) is to help families prepare for this potential expense by raising awareness, encouraging discussion, and providing resources. The ‘Talking with Parents about Finances: Tip Sheet and Guide’ will provide you strategies to open up the conversation with your aging parents about their finances so your family is better prepared.