Caregiving can take not only a physical and emotional toll, it can have a financial one as well.
In the United States, about 48 million individuals provide unpaid care to an adult family member or friend.
Nearly eight in 10 caregivers report having routine out-of-pocket expenses related to looking after their loved ones.
The typical annual total is significant: $7,242.
Meanwhile, women, on average, spend more hours a week caregiving and have lower incomes.
The cost of caring for female recipients is higher.
About half of caregivers say they used their own money for household-related expenses.
Thirty percent covered rent or mortgage payments for their loved ones, while 21% financed home modifications.
Only 5% of caregivers reported having no expenses in the past year with their loved one.
Many employed caregivers face stress juggling both their jobs and caregiving.
In addition to expenses, in fact, caregiving can cut into caregivers income.
About half of caregivers say they have experienced financial setbacks.
The AARP study highlights the need for effective public policy to provide financial support for families.
The information was used to produce an annualized figure.
For more information, kindly contact Laura Skufca atlskufca@aarp.orgor Chuck Rainville atgrainville@aarp.org.
For media inquiries, contactmedia@aarp.org.
Generally, caregivers give providers high marks.
