Majority of Americans Prefer Aging at Home but Lack Financial Plans for Long-Term Care
According to the Northwestern Mutual's 2026 Planning & Progress Study, nearly three-quarters of U.S. adults prefer receiving long-term care in their homes rather than in nursing facilities or assisted living centers. This preference is especially strong among older generations—83% of Boomers and above express a desire for home-based care compared to just over half (50%) of Gen Z. Despite this widespread expectation, most Americans have not financially prepared for long-term care needs: 54% lack plans for their own potential requirements, while 60% haven’t planned for caregiving responsibilities toward loved ones. The study also highlights the growing financial strain on families providing in-home care. Many caregivers report cutting spending, working longer hours, or taking on debt to manage costs. Younger generations are particularly likely to anticipate future caregiving roles—67% of Gen Z and 66% of Millennials foresee this responsibility. The annual cost for in-home long-term care is projected to exceed $500,000 by the late 2050s. Individuals who work with financial advisors are significantly more likely (twice as much) to have a plan for their own or loved ones’ potential long-term care needs. The study underscores that early planning and open family discussions can reduce stress and improve preparedness, especially given the limited coverage of such services under Medicare.
Topics: aging population consumer behavior financial planning long-term care