Gen X Straining to Support Boomer Parents, Creating Opportunities for Senior Care Franchises

According to a recent survey, roughly 50% of Gen X-ers say they are not financially prepared to look after their aging boomer parents if they had to right now. With inflation and the rising cost of living significantly impacting both seniors living on fixed incomes and those approaching retirement having to adjust their plans due to the volatile economic climate, the stress these boomers are feeling may soon trickle down to their families.

Nearly two-thirds of adult children are concerned that inflation is hurting their parents’ financial situation, according to the survey, which was conducted by the American Advisors Group (AAG), and more than half of adult children say that tapping into their parents’ home equity may be the only way they can help their parents financially.

But even then, how can Gen X-ers ensure their aging parents are getting the care they need without moving in with them, which is what half of Gen X-ers fear is inevitable?

Franchise brand Seniors Helping Seniors is among those providing solutions for Gen X-ers with Seniors Helping Seniors 360, a program that expands the franchise’s traditional in-home care services — primarily by senior caregivers — to include assisted living, nursing home care, memory care and adult day care. 

“Working with seniors and helping them any way I can is something I’m very passionate about,” said Glenn Coty, a Seniors Helping Seniors franchise owner in Texas. Coty, at 58 years old and approaching retirement himself, says he has several family members who require care, and a shared mission and values drew him to the brand. 

“My veteran father has dementia, my mother has a heart condition, I had an uncle who passed away from Parkinson’s disease and an aunt who passed away from Alzheimer’s disease,” said Coty. “So I care for my Mom and Dad when and how I can. The story of Seniors Helping Seniors’ founders and the strength of the business knowledge that is within this franchise is truly epic. The way they treat new partners is great. My passion and theirs aligned.”

Other franchise brands such as TruBlue Total House Care and Right at Home* — along with Seniors Helping Seniors — are providing adult children with solutions to allow them to help their parents stay in their homes and age at home successfully. 

The demand for in-home senior care services has been skyrocketing. According to the International Franchise Association, one estimate predicts a 29 percent increase for in-home assistance aides through 2024, as a whopping 90% of seniors say they plan to remain in their homes for the next 5–10 years, according to the National Council on Aging.

“The biggest trend I’m seeing in my community is that people are wanting to age in place,” said Holly Holton, a Right at Home franchise owner in Pickerington, Ohio. “There are starting to be some trials in our Columbus market of Hospital at Home, ER services in the home and even skilled nursing at home. We are seeing shorter post-acute stays, and individuals want to return home with their families. Many times individuals just need some support and resources, and they are able to remain in their own homes.”

With more than 650 locations, Right at Home has positioned itself as an industry leader in the senior care sector. TruBlue is another industry leader, providing home safety assessments and home modifications — along with handyman and other services to help them with odd jobs around the house — to help seniors age in place safely and comfortably.

With Gen X-ers beginning to feel the pressure of their boomer parents’ financial woes due to inflation and the uncertain economy, franchise brands like these will lead the way in the senior care services industry as it continues to grow.

“We want TruBlue to have 200 locations by 2023, which should cover most market areas in the country,” said TruBlue President Sean Fitzgerald. “Our larger goal is to continue generating awareness about the importance of taking care of the home and doing regular maintenance to create safer and longer-term environments for seniors.”