RICHMOND, Va., June 9, 2020 /PRNewswire/ -- The COVID-19
pandemic has served as a wake-up call to Americans about their
vulnerability to unforeseen illness and mortality, and has already
inspired three out of four adults to make changes in their plans
for the future, according to a survey recently conducted by
Genworth. The survey was designed to gauge the impact of COVID-19
on Americans' lives and their thoughts about long term care and
financial security.
Among the survey findings:
- A majority of Americans said the pandemic has forced them to
confront their own (53 percent) as well as their loved ones' (65
percent) vulnerability to unforeseen illness.
- The pandemic caused one in three Americans to unexpectedly
become caregivers overnight. These new caregivers said they
had to carve out about nine hours a week, a typical work shift, to
provide care for their children or older family members, or the
dependents of front-line workers.
- With unemployment at historic highs1 and retirement
savings subject to fluctuations in the stock market, 24 percent
said they are less confident in their financial futures.
- The pandemic is taking an emotional toll on Americans, with
respondents most often reporting anxiety (49 percent) and stress
(53 percent) as a result of the abrupt disruptions in their
lives and plans for the future.
As a result of the COVID-19 crisis, 73% of survey
respondents said the pandemic has changed their attitude about
planning for the future. Among the changes they have resolved
to make:
- Improving their health and well-being (37%)
- Planning better financially (34%). In fact, 39 percent said
they were more willing to prioritize saving for the future than
they were pre-pandemic.
- Making sure they are financially prepared to pay for future
long term care in the setting of their choice (32%). One out
of three Americans said they have already started taking action by
thinking, researching, talking to loved ones and/or financial
professionals about how they would pay for long term care services
they might need. As borne out by previous surveys2,
most respondents said they preferred to receive long term care at
home.
- Carving out more time for their families (26%)
- Living more in the moment and not worrying about the future
(23%)
"Respondents' reactions to the pandemic are not surprising
considering the pandemic has had a tangible impact on just about
every aspect of people's lives," said Christine Jensen, Ph.D., director of Health
Services Research at the Riverside Center for Excellence in Aging
and Lifelong Health, based in Williamsburg, VA. "It has opened their eyes to
the importance of lifelong health and being more proactive about
planning for how we, as well as our older family members, want to
age."
From a public health standpoint, if there is a silver lining to
the pandemic, she said, it's that the pandemic has shined a
spotlight on family and professional caregivers and raised
awareness of all that they do. "Many are in a challenging situation
they hadn't prepared for, but they are rising to face the challenge
and it's important for us, as a society, to support, value and
validate their role."
She offers several pieces of advice for people who are motivated
to improve their lifelong health or who find themselves in
caregiving roles: Plan ahead, educate yourself and reach out
for help.
"The survey clearly demonstrates that the pandemic has inspired
a lot of soul-searching, as people come face to face with the
possibility that they or someone they love will become sick and
need long term care," Jensen said. "All of us, regardless of our
age and caregiving role, need to consider and plan for how we or
our loved ones want to be cared for when we are unable to care for
ourselves, whether because of a serious illness, a debilitating
disease or cognitive impairment."
For caregivers or someone who has just received a health
diagnosis, Jensen prescribes education as a path to empowerment.
"You're never too old or young to learn," she said. "Arm
yourself with knowledge and education and don't be afraid to ask
questions. Being informed will empower you to be a better advocate
for yourself or the person you're caring for and it supports
lifelong health and well-being. There are numerous resources in the
community and online. Support also may be available from your
family, your religious community or social services."
The final piece of advice is to know your limits. "Whether you
are a caregiver or someone who is dealing with a health issue, your
sense of interdependence should be strong," she said. "You
don't have to be independent and fight to the end. Reach out
for help; you don't have to do it alone."
Planning Resources
"For many Americans, the pandemic
represents the first time they've become acutely aware of their own
mortality as well as that of their loved ones," said Janice Luvera, vice president of Marketing at
Genworth. "They are asking themselves, What if I or my loved
ones got sick and needed long term care? Where would I want
to receive that care and how would I pay for it?"
"In spite of the disruption in their lives, what's encouraging
to see is their determination to turn this pandemic experience into
positive change, and we want to do our part by helping them plan
for a more secure, worry-free future," she said.
As a leader in helping Americans address the challenges of
aging, Genworth offers a wealth of complimentary resources to help
individuals and families acquire knowledge and the confidence to
take the first steps towards meeting their new goals:
- Introduction to planning for long term care
Aging
& Your Finances:
https://www.genworth.com/aging-and-you/finances.html
- Interactive tools for determining the cost of long term care
in your area
Genworth Cost of Care:
https://www.genworth.com/aging-and-you/finances/cost-of-care.html
- Conversation starters, family stories (video), quiz and
links to supporting resources
Let's Talk:
https://www.genworth.com/aging-and-you/family/conversation-starters.html
- Tips to help seniors stay safe during the pandemic
COVID-19 Resources for Seniors:
https://www.genworth.com/about-us/covid-19/resources.html
- Highlights of previous research on the impact of
caregiving
Caregiving & Beyond Dollars:
https://www.genworth.com/aging-and-you/family/caregiving.html
Survey Background & Methodology:
Genworth's
COVID-19 Consumer Sentiment Survey was conducted in collaboration
with J&K Solutions, LLC. A demographically representative
sample of 1,000 adults ages 18 and older across the United States were surveyed, providing a
highly stable and reliable data source. The sample follows the
framework of the U.S. Census data for age, gender and region.
This allows for estimates of the stated population with +/- 3
percent with a 95 percent confidence level. The data was collected
online on May 18 and 19, 2020.
About Genworth Financial
Genworth Financial, Inc.
(NYSE: GNW) is a Fortune 500 insurance holding company
committed to helping families achieve the dream of homeownership
and address the financial challenges of aging through its
leadership positions in mortgage insurance and long term care
insurance. Headquartered in Richmond, Virginia, Genworth traces its roots
back to 1871 and became a public company in 2004. For more
information, visit genworth.com.
From time to time, Genworth releases important information via
postings on its corporate website. Accordingly, investors and other
interested parties are encouraged to enroll to receive automatic
email alerts and Really Simple Syndication (RSS) feeds regarding
new postings. Enrollment information is found under the "Investors"
section of genworth.com. From time to time, Genworth's
publicly traded subsidiary, Genworth Mortgage Insurance Australia
Limited, separately releases financial and other information about
its operations. This information can be found at
http://www.genworth.com.au.
1 U.S. Bureau of Labor Statistics,
https://data.bls.gov/timeseries/LNS14000000.
2 "Long-Term Care in America: Expectations and
Preferences for Care and Caregiving," AP/NORC Center for Public
Affairs Research, 2016.
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SOURCE Genworth