1 December 2015

The True Cost of Caregiving

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

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