According to a survey conducted by the AARP in 2020, one in five Hispanic/Latino adults are providing unpaid care to an adult with a disability or health issues. These Hispanic/Latino adults constitute 17% of family caregivers in the United States. That is 8 million Hispanic/Latino adults. On average, these individuals are 43 years old and provide 26 hours of care per week.
In 2021, the AARP Research team conducted a study that focused specifically on the out-of-pocket costs for caregivers. This study found that on average, Latino caregivers spent $7,167 a year caring for their aging loved ones. This represents a significant financial strain, as it is almost half of the average income for Latino caregivers. About half of these caregivers reported experiencing financial setbacks which involved either cutting down on their personal spending or retirement savings, as well as dipping into personal funds.
Keeping in mind that these caregivers tend to receive little to no support, it is no surprise that many of these caregivers experience high levels of stress, anxiety, and depression. Dr. Deborah Little of McGovern Medical School at the University of Texas Health Science Center in Houston states that, “these unpaid, informal and generous caregivers need support. When they do not get sufficient support, not only does their health decline, but so does their ability to provide high quality support for their loved one.”
Here at Clearday, we are well aware of the widening gap between the longevity care needs of older Americans and the access to affordable, high-quality care options. That is why we provide transformative new care models that support both aging individuals and their families. Read more about what we’re doing here.
By Clearday Research Team
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