Considering The Cost Of Caregiving

61.6 million Americans provide care for an older family member or friend

Care giving involves an investment of love, time, and money. If you don’t outline the associated costs of care giving, you might be surprised by the amount of time and money that you’re spending.

  • 42% of caregivers in one survey report having spent more than $5,000, more than 10% of their annual salary
  • Caregivers provide 1.4 billion trips per year for aging parents or relatives who no longer drive
  • The most costly expenditures for caregivers are medical care co-pays and pharmaceuticals; household   goods, food, and meals; and travel and transportation costs
  • Caregivers reported managing out-of-pocket expenses by cutting back on leisure activities, vacations or   long-term savings strategies
    Striving for Balance
  • As caregivers increase expenditures to make their loved ones’ lives easier and more comfortable, their own finances often get overlooked. It’s not selfish to save for retirement, pay off credit cards, or schedule routine health care while caring for another. It is simply prudent.
    Many caregivers undermine their own financial security.
  • 63% of the caregivers surveyed saved less for their own retirement
  • 43% borrowed money or increased their level of credit card debt
  • Many quit their jobs, reducing Social Security payments and their retirement income

The more money caregivers spent, the more difficulty they had gaining the emotional and physical resources they needed to be good caregivers.