Millennial Money: How to manage caregiving costs for parents while raising kids

By KATE ASHFORD of NerdWallet

Nearly a quarter of millennials are caregivers for an adult, according to a 2020 AARP survey. And a 2020 survey from insurance marketplace GoHealth found that 1 in 3 millennials are supporting their parents financially, and more than a quarter help manage their parents’ health care. This means that in addition to caring for young children, many millennials are also managing the needs of parents, grandparents or other loved ones. That can take a toll: Eighty-two percent of millennials worry about having enough money to support both their parents and themselves. From tax strategies to government assistance, here are some resources that can lower your caregiver costs.