How Far Would You Go to Care for Family? 8 in 10 Caregivers Would Sacrifice Their Own Financial Security
Key Highlights
- ➤32 million U.S. adults provide financial caregiving for loved ones age 65 and older
- ➤91% of financial caregivers spend personal money annually, averaging $8,737 out-of-pocket
- ➤Financial caregivers provide 109 hours of care monthly, averaging roughly 3.6 hours daily
- ➤81% of financial caregivers would sacrifice their own financial security to support recipients
- ➤Only 33% planned caregiving roles ahead, while 22% felt extremely prepared
Expert Statements
Ken Cella, Principal and Head of External Affairs at Edward Jones
“We commissioned this research to better understand the full impact financial caregiving has on individuals and families, including the costs that are often overlooked,”
Ken Cella, Principal and Head of External Affairs at Edward Jones
“As families navigate longer lifespans and increasingly complex financial decisions, these findings underscore the importance of planning ahead and ensuring caregivers have access to the support and resources they need.”
Ken Cella, Principal and Head of External Affairs at Edward Jones
“Caregiving often becomes a financial responsibility before families have fully discussed what support may be needed or who will provide it,”
Ken Cella, Principal and Head of External Affairs at Edward Jones
“Caregivers often step into the role because someone they love needs them, but that generosity can come at a real cost. Having those conversations earlier and often can help caregivers make more informed decisions and help them better prepare to care for the people they love, without losing sight of their own long-term goals.”
Ken Dychtwald, Founder and CEO of Age Wave
“Caregiving is filled with contradictions. It can be stressful, expensive, and overwhelming, while also being one of the most meaningful roles a person takes on,”
Ken Dychtwald, Founder and CEO of Age Wave
“Caregivers are making extraordinary commitments with their time, energy and money, yet the vast majority say the experience gives them a sense of purpose and fulfillment. Supporting caregivers means recognizing both what they gain from the role and what they give up fulfilling it.”
Ken Cella, Principal and Head of External Affairs at Edward Jones
“Caregiving deserves the same level of planning many families already devote to retirement, education and other major life events,”
Ken Cella, Principal and Head of External Affairs at Edward Jones
“Talking early about finances, long-term care wishes and who may take on different responsibilities can give families more choices when care is needed. A financial advisor can also help caregivers understand how supporting a loved one may affect their own goals and build a plan that accounts for both.”
How Far Would You Go to Care for Family? 8 in 10 Caregivers Would Sacrifice Their Own Financial Security PR Newswire
New research uncovers the financial, emotional, and personal toll caring can take, while highlighting opportunities to plan ahead.
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