In a world filled with increasing pressure on young adults to choose their career path early and plagued by student loan debts, an interesting phenomenon is happening. Many Millennials are actually taking time off before beginning their careers, leaving work in the early stages of their careers, or working less than they could or want to. Based on the general stereotype, it’s easy to brush it off as an entitlement issue. However, for many, the reason is the exact opposite: an increased number of Millennials are providing caregiver services to family members or loved ones.
According to a 2015 report by AARP, entitled “Caregiving in the U.S.”, nearly ¼ of the approximately 44 million caregivers in America are Millennials. The typical millennial caregiver is 27 years old, unpaid, and provides around 21 hours of care in addition to working approximately 35 hours per week at his or her job. Despite this increased burden, only about ½ of those surveyed indicated that their employers offered flexible work hours or paid sick days, despite the fact that nearly 60% reported having to make a workplace accommodation (i.e. working less days or hours).
A terrifying thought is that fewer than half (46%) report that the recipient of their care has made plans for his or her future care. Failure to engage in estate planning is something that plagues our entire country. According to a study done by AARP, only 4 out of 10 (40%) adult Americans have an estate plan. However, Millennials are more likely to report that their loved one has an emotional or mental health condition that requires care.
So what can we do with this information? First, we, the Millennial population, have to plan for ourselves. Make sure that we have the proper documents in place. Second, we need to do what we can to make others take planning more seriously. Those who are already caregivers should have a discussion with their family members about putting into place the right documents to ensure that their loved ones receive the care they deserve. This not only provides the loved one with the right care, but provides the caregiver with the tools essential to ensure that they are maximizing their time and getting help where it is needed. Those who are not currently caregiving need to help their loved ones realize that now is the best time to plan, rather than later. Proper planning can make all of the difference in the world.
At Hynes Law Group, our goal is to form relationships for life. We are committed to making sure that people of all stages and ages engage in planning. As such, we offer a discounted rate to Millennials who want to create an estate plan but fear the costs of an attorney. To schedule a free 15-20 minute consult to determine if these documents are right for you, please fill out the “contact us” form at http://www.hyneselderlaw.com/contact-us/and type “Millennial” to utilize this free offer.