The FINANCIAL -- 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.
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.