44% of Family Caregivers Spend $5,000+ Per Year on Caregiving Expenses

More than half have missed one or more weeks of work

San Mateo, CA; Oct. 26, 2017 — More than 4 in 10 family caregivers (44%) spend $5,000 or more per year on caregiving expenses, according to a new Caring.com report. A family caregiver is defined as someone who takes care of a family member or friend, but is unpaid for their services. Their caregiving expenses include out-of-pocket costs for food and clothing, transportation, medications, medical bills, in-home care, nursing homes and more.

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Of all family caregivers:

• 18% spend from $5,000 to $9,999
• 10% spend from $10,000 to $19,999
• 5% spend $20,000 to $29,999
• 4% spend $30,000 to $49,999
• 6% spend $50,000 or more each year

“Quite often caregivers find themselves dipping into their own pockets to pay for caregiving expenses,” said Tim Sullivan, Vice President at Caring.com. “Without a plan in place, savings can be depleted and retirement delayed. It’s so important to make the time to speak with your loved ones about finances, eldercare and planning for the future,” Sullivan added.

Given the amount of money caregivers are shelling out each year, it’s no wonder they worry about future costs. In fact, 90% of caregivers say they are concerned about affordable healthcare in the future for their loved ones; 44% are extremely concerned and 26% are very concerned. Only 10% of respondents say they are not concerned at all.

Many caregivers are also challenged with juggling employment in addition to their caregiving duties. In fact, 68% of caregivers who work report that their caregiving has had a negative impact on their job. More than half (55%) have missed one or more weeks of work, while 31% often arrived late or left early. Nearly four in ten respondents (38%) spend more than 30 hours per week on caregiving, making it comparable to a full-time job.

Methodology

Caring.com’s yearly Family Caregiver Journey survey measures how family caregivers of older adults living in the U.S. hold up financially as they care for elder loved ones. From August 29 – September 17, 2017, Pretell Market Research conducted an online survey among Caring.com users, and received responses from 2,767 family caregivers. No incentive was offered.

With millions of visitors to its flagship website, Caring.com, Caring is a leading senior living referral service and the nation’s top site for senior care reviews. Founded in 2007, Caring’s mission is to help as many seniors and their caregivers as possible through empathetic, expert guidance. Applying cutting-edge technology to this humane mission, Caring provides relevant senior care information and support, as well as comprehensive senior living and senior care directories for the United States, including nearly 400,000 consumer reviews. Through a toll-free referral line at (800) 558-0653, Caring’s trusted, nationwide team of Family Advisors — who are among the most highly trained, highly skilled, and knowledgeable experts in senior care — helps seniors and their families research and connect to the most appropriate services and support for their specific situations. For more information about our organization and our free services for seniors and their families, please visit http://www.caring.com/about and join with Caring on Facebook.