Primerica

Nov

21.17

Caregivers offer much needed support to loved ones at the expense of their own time, energy and resources. Financially speaking, caregiving can be quite costly.

On average, family caregivers spend $6,954 per year on out-of-pocket costs related to caregiving, nearly 20 percent of their annual income.1 Those earning less than $32,500 are under significant financial strain, spending an average of 44 percent of their annual income on caregiving, the study showed.2  Considering that over half of family caregivers reported a work-related strain, such as having to take unpaid time off, this stretches their finances even further.3

Additionally, caregivers report dipping into savings, cutting back on personal spending, saving less for retirement or taking out loans to make ends meet.4

If you’re a caregiver, knowing where to go for free resources, information and assistance can make an enormous impact on your financial situation.

1. aarp.org, “Caregiving Costly to Family Caregivers,” viewed November 2, 2017
2. Ibid.
3. Ibid.
4. Ibid.

 

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This entry was posted on Tuesday, November 21st, 2017 at 1:38 pm and is filed under Primerica. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.



One Response to “The Cost of Caregiving”


  1. November 25th, 2017 at 6:18 pm Kenneth Thames Says:

    Thank you. Are there any suggestions on where a caregiver could find free resources to help?






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