What is the Impact of Caregiving on the Caregiver’s Financial Health?
1:5 family caregivers report experiencing a significant financial strain.
- 41% report no strain.
- 21-19% report little to moderate strain.
- 12-7% report significant or severe strain.
- Caregivers, aged 18-49, experience a greater degree of financial strain per age group (maybe due to limited savings or higher debt at the time of disability.)
- Caregivers of spouses/partners or other immediate family members report greater strain than those caring for parents, in-laws, or non-relative.
- LGBTQ caregivers often report high financial strain at or slightly above (1% higher) than spouses, though they also often fall within the younger age group.
- Primary caregivers or those who live with their care receiver report a heavier financial burden than those who do not.
- High-intensity care situations often result in a greater financial burden than medium or low-intensity care environments.
- Caregivers who work more hours and have more education (bachelor’s degree or higher) also suffer more financial strain.
What Types of Financial Impact are Experienced by Caregivers?
|
Type |
Percentage Affected |
|
Any of these |
45% |
|
2+ financial impacts |
34% |
|
Stopped saving |
28% |
|
Took on more debt |
23% |
|
Used up personal short-term savings |
22% |
|
Left bills unpaid/paid them late |
19% |
|
Borrowed money from family |
15% |
|
Unable to afford basic expenses like food |
11% |
|
Moved to less expensive housing |
7% |
|
Missed or late on paying student loans |
5% |
|
Filed for bankruptcy |
3% |
|
Evicted from home |
2% |
|
Started working, worked a more, second job |
11% |
|
Delayed or did not retire |
9% |