REPORT: Informal Caregiving Has Impact on Finances, Health
Family caregivers experience significant strains on their finances, their careers, and their own health, a report from Genworth Financial found.
The report, Beyond Dollars: The Expanding Circle of Care (pdf), shows that family and informal caregivers lose one-third of their income every year they provide care for a loved one. They also spend an average of $10,000 per year providing care.
Additionally, more than one out of five family caregivers (21 percent) reported that they either lost their jobs or had to change careers due to their caregiving responsibilities.
Significant percentages of caregivers reported negative health effects, including depression (41 percent) and high levels of stress (31 percent).
“Sometimes an event that warrants long-term care is unexpected, and sometimes it is gradual,” the report says. “No matter the circumstances, a loved one’s need for long-term care can create emotional, financial, and career impacts that extend far beyond the immediate situation.”
The report emphasizes the need to formulate a long-term care plan, including researching local paid caregiving options, including assisted living or skilled nursing facilities.
Genworth, a financial security company, produces an annual report that uses national data to estimate the cost of care across long-term care settings in the U.S.
— by Matthew Ozga
