Tag Archives: Support

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The Cost of Caretaking: ACCC Survey Finds Nearly 6 Out of 10 Consumers Financially Support Their Parents Or Young Adult Child


Boston, MA (PRWEB) August 13, 2014

According to a recent survey by national financial education nonprofit American Consumer Credit Counseling, nearly sixty percent of Americans are providing some form of financial support to either their elder parents or young adult children by means of housing, living expenses, and transportation.

These results come on the heels of a recent report detailing a three-fold increase in the number of adults taking care of aging parents over the past 15 years; a similar online poll by ForbesWoman and the National Endowment for Financial Education shows that 59 percent of parents provide support to their adult children who are no longer in school.

“In today’s economy, many middle-aged consumers are getting hit twice as hard when it comes to financially supporting family members,” said Steven Trumble, President and CEO of American Consumer Credit Counseling. “Amid rising college tuition costs and the sharp increase in elder care services, some consumers are forced to make tough financial decisions and delay their own financial goals.”

For the 56 percent of consumers indicating they play a financially supportive role in their loved one’s life, nearly 20 percent stated they are unable to pay off their debts or are accruing more debt because of it and 12 percent have delayed retirement.

“Whether it’s an aging parent or a child returning from college, the expenses can hit hard and have a long-term effect on your own financial situation,” said Trumble. “By working together to determine a financial plan that works for everyone, consumers can help prevent future financial damage while also providing their loved ones with the short-term support they need.”

The results from the ACCC survey supports a poll released by Caregiver Action Network that shows the average family caregiver for someone 50 years or older spends $ 5,531 per year on out-of-pocket caregiving expenses. On average, $ 303,880 is lost in lifetime wages and retirement benefits should a child opt to serve in the caregiving role.

According to the ACCC survey, 81 percent of those supporting aging parents and 59 percent of those assisting adult children indicated they help financially with living expenses and bills, while very few cited support for paying credit card debt.

When it comes to student loans, nearly 25 percent of parents are financially contributing to their child’s college debt. However, according to one recent poll by Sallie Mae, 85 percent of parents plan to offer their children monetary aid after graduation and a third of parents plan to provide their grad with financial assistance for up to six months, while 50 percent of parents plan to foot the bill anywhere from six months to more than five years.

“With the average college graduate taking on nearly $ 30,000 in student debt, it’s no wonder they are returning home to save on expenses,” said Trumble. “Although they may not be able to contribute financially, there are other ways that these young adults can help out mom and dad such as assisting in household chores or even preparing dinner.”

The caregiver survey is the most recent in a series of online polls asking consumers about timely topics related to money management, budgeting, identity theft, and spending habits. For the full results and access to an infographic detailing the highlights of the survey please visit: http://www.consumercredit.com/financial-education/infographics/the-cost-of-supporting-adult-children-or-elders.aspx    

ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:


    For credit counseling, call 800-769-3571
    For bankruptcy counseling. call 866-826-6924
    For housing counseling, call 866-826-7180
    Or visit us online at ConsumerCredit.com

About American Consumer Credit Counseling

American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management and debt relief through education, credit counseling, and debt management solutions. Each month, ACCC invites consumers to participate in a poll focused on personal finance issues. The results are conveyed in the form of infographics that act as tools to educate the community on everyday personal finance issues and problems. By learning more about financial management topics such as credit and debt management, consumers are empowered to make the best possible financial decisions to reach debt relief. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help determine the best possible debt solutions for them. ACCC holds an A+ rating with the Better Business Bureau and is a member of the Association of Independent Consumer Credit Counseling Agencies. To participate in this month’s poll, visit ConsumerCredit.com and for more financial management resources visit TalkingCentsBlog.com.

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Technology As a New Way to Learn More Words and Use Them the Right Way, eReflect Conveys Support


New York City, NY (PRWEB) May 12, 2014

While there are still some modern-day Luddites who shun technology, aspiring linguists should learn to embrace it. Technology can actually promote vocabulary increase in a second language, as long as those technological language tools are used wisely and constructively, eReflect observed today. Before tablets and smartphones become widely used, students relied on their teachers, classmates, or dictionaries for help in understanding a word’s meaning. Today students use mobile apps and Google Translate, or sift through Google search results to find out the meaning, definition, or subtle semantics of words and phrases.

Sometimes, however, either because of laziness or lack of proper guidance, many learners of foreign languages abuse technological tools such as Google Translate when completing their assignments. For instance, instead of using online dictionaries and translation tools to find the meaning of words, students might write an essay in their mother tongue and then translate it into the language they’re learning. This is not the best way to help build vocabulary, and this passive method is not an efficient way to improve the student’s language mastery because they don’t actually engage with that language’s vocabulary in a way will allow them to use it in writing and speech confidently.

An educator needs to make this explicit, saying something like, “If you want to build your vocabulary, you need to actively work on it.” A teacher can offer instructions on the best use of technological tools and online resources for driving forward the student’s learning, while warning them against the use of technology in ways that sabotages their progress. Finally, teachers need to ensure that students can handle such technologies with ease, and not feel overwhelmed by their complexity.

eReflect, developer of the vocabulary builder software, Ultimate Vocabulary™, also suggests that teachers can use technology to cultivate a love for language learning in students. The secret is to introduce them to the fun and playful aspect of tech-based learning, in the form of games and interesting online activities. Technology is overhauling education, and teachers need to smooth the way for students so that they have an easy and successful path towards a more fun-driven learning model.

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