A survey conducted by AgingCare.com found that although adult children are often responsible for paying for their elderly parent’s care, the large majority of caregivers are vastly unprepared. The survey found:

63% of caregivers have no plan as to how they will pay for their parent’s care over the next five years.
62% say the cost of caring for a parent has impacted their ability to plan for their own financial future.
“With an estimated 34 million Americans providing care for older family members, the survey’s results indicate a financial crisis in the making,” says Joe Buckheit, Publisher of AgingCare.com, a website and online forum for family caregivers.

34% spend $300 or more per month out of their own pocket for care giving expenses.
54% have sacrificed spending money on themselves to pay for care of their parents.
Making matters worse, caring for aging parents often impacts adult children at their workplace as well. The survey found:

43% have had to take time off work due to care giving responsibilities.
48% say they are earning less money at work as a result of care giving.
25% have been fired or had to quit their job as a result of care giving.
53% of care givers provide care 40 or more hours per week.
37% provide care more than 80 hours per week.
21% say they never get a break from care giving.
36% get a break of 5 hours or less a week.
The survey indicates that today’s care givers face a triple financial threat: unplanned-for caregiving expenses, less money for their own needs and reduced time in the workplace.