The Impact of Caregiving on Financial Health

When the need for caregiving becomes a reality, take time to look over all your financial needs and the possible resources available to help with medical expenses because caregiving is expensive.

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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%

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