Genworth recently released the findings from their Beyond Dollars research project. The research focuses on the impact of long-term care: financial, logistical, emotional and health related. Lets take a look at some of the key findings:
The changing face of long-term care
- 62% of caregivers are between ages 25-54
- 52% are more likely to be the adult child of the care recipient
- 50% of caregivers are evenly split between men and women
- 24% are other family members, more than in prior years
Caregiving can negatively impact health and well-being
- 43% of caregivers said the long-term care event negatively affected their personal health and well-being
- 44% of caregivers experienced negative feelings such as depression
- 33% of caregivers reported an extremely high level of stress
- 55% of caregivers did not feel qualified to provide physical care
Caregivers’ savings and retirement funds are at risk
- 62% of caregivers used their own savings and retirement funds for care expenses
- 45% of caregivers reported a reduction in their quality of living in order to pay for care
- 27% report a negative impact on their relationship with the care recipient
- 20% increase in caregivers’ out of pocket expenses since 2010
Caregivers’ careers and livelihoods are impacted by providing care
- 77% of caregivers missed time from work
- 52% of caregivers had to work fewer hours
- 11% of caregivers lost their jobs due to providing care
- 51% of caregivers surveyed felt their career was negatively impacted by the situation
For a more in depth review of the Beyond Dollars research, please read Beyond Dollars 2015 Executive Summary
