The Cost of Caregiving

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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