[Survey] Nearly 60% of Children Dip into Savings to Support Parents; 1 in 5 Choose 'Caregiving Resignation'

Lifenet Insurance conducted a survey to clarify the burden on children who provide financial or time-based support for their parents' hospitalization, outpatient care, or long-term care. The survey highlights that unexpected medical or care needs impose significant burdens on children's time, mental health, and finances. Only 11% of respondents reported no impact on their own lives. Among working and child-rearing generations, there are growing concerns regarding 'caregiving resignation' and the 'double care' burden of balancing childcare with elderly care. To mitigate these burdens, it is essential for parents and children to share information about assets and care preferences while parents are still healthy. Many who have experienced this support feel strongly that they do not want to pass the same hardship to their own children, leading to a high demand for medical and long-term care insurance. This experience is prompting many to review their own and their family's insurance coverage. Utilizing insurance is an effective way to alleviate unexpected financial burdens and expand options. The survey targeted 824 men and women aged 30-69 who experienced financial or time burdens related to their parents' care within the last three years. Results indicate that about 40% of parents had no prior preparation, and 30% of children were completely unaware of their parents' savings. Furthermore, 1 in 5 caregivers chose to resign from their jobs, citing time constraints as the biggest obstacle.