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% |
