A Generation Prepared for a Recession

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The state of the economy is causing many people to tighten their purse strings, But there's one generation that may be a little more prepared for tough times.

Nursing homes and personal care facilities may be financially safe, even in a recession.

"Well it's not like being at home in your own place, but the people here are fantastic and you get wonderful care," Nina Pharees, a resident of Cedar Grove Personal Care, said.

Pharees has lived at the facility for about two years, and after living through the Great Depression, she understands the importance of being financially prepared.

"Thousands and thousands of people have lost everything they have, and you just don't know what could happen in your old age," she said.

And she's not the only one who's had a taste of tough times.

"They had survived the depression once, made a lot of different decisions than say I've made financially or even my parents," Kay Swisher, facility coordinator, said.

The average cost for personal care is about $2,300 a month, so for residents like Pharees without a lot of family around, the important thing is just planning ahead.

"I think I made a good judgment when I took the nursing home policy. I made 100,000 dollars on that policy, which was the best investment I ever made."

Showing that getting a good grip on your finances today, may help you move forward to the promise of a safe future.

Some advice that facility coordinator Kay Swisher gives is to begin investing into long term care insurance early in life.

She also says if future generations don't start managing money better, personal care facilities and nursing homes could eventually be affected by the recession.

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