The role of a family caregiver appears to be a simple, manageable task from a mere look, but studies and deep research show that it is more demanding than some may think. 

Many family caregivers assume this responsibility without knowledge of the cost to their overall wellbeing. Some who may have contemplated the cost only do so in terms of monetary indices. The other true costs that caregivers often have to forgo include emotional stability, forgoing a significant portion of their social life, emotional and social development skills, and even in many cases, educational and professional dreams and prospects. 

Although the numbers continue to change, here are a few statistics about caregiving in America and the implications of these statistics.

High Living Expenses Coupled with Medical Bills

Many family caregivers naturally assume the housing expenses. Housing expenses, such as rent or mortgage, increased utility bills, home renovations for assisted living, and more made up more than 50% of the total costs incurred by caregivers. Additionally, medical equipment, adult day-care, therapists, hospitals, and healthcare provider costs also contribute to caregiver expenditure.

This study, by the AARP, also found a relationship between increased work strain and unpaid costs. According to the study, almost six out of every ten caregivers are either part-time or full-time employed. Unfortunately, the coronavirus pandemic made life for caregivers and care recipients more challenging. Some four out of every ten caregivers report spending more time at work per week and more money on caregiving because of the realities of the pandemic.

Out-of-Pocket Expenses

Likewise, the AARP reports that three-quarters of the family caregivers interviewed reported an average of $7,242 per year on out-of-pocket expenses related to caregiving.

Here at Clearday, we understand the financial burdens of family members becoming full-time caregivers, which is why we offer an affordable solution to the problem. See how we can help here.

By Clearday Research Team

This blog and related materials prepared by Clearday, Inc. may use publicly available information including market research, studies or reports by unaffiliated third parties that include market demographics and other relevant market or research information. Such information or a link to such information is available upon request. We do not warrant any such information and do not have information that causes us to believe that any such market research, studies or reports are not correct in all material respects.