How Much is Caregiving Costing You?
What are the true costs of caring for a family member who has suffered a major debilitating event and now needs help caring for themselves? Family caregivers often step in to fill the need for increased help but not without self-sacrificial cost whether it be financial, social and in personal health loss. In 2015, Genworth performed a survey which exposed the true losses to family.
Caregivers careers are impacted by the loss of income as they miss an average of 7 hours of work a week. These caregivers lose an average of 33% of their income every year they take care of their family member. At times their new family duties lead to early retirement. Caregiver personal savings and retirement is at risk as they average taking about $10,000.00 from their accounts to pay for out-of-pocket expenses for their family member’s care.
54% of caregivers express negative feelings as a result of caregiving, including guilt and resentment. They’ve experienced a negative impact on their own health and well-being. Not only has their caregiving reduced their ability to work but also it took time from their own children and/or spouses to care for a family member in need. 60% of caregivers are in the age group of 25-54, with the average age of a caregiver being about 46 years old.
Reference: Genworth Beyond the Dollars Study, 07/2015