Caregivers, often spouses or adult children, often face financial difficulties, especially if those who require care are too young for Medicare or do not meet the requirements for Medi-Cal. Nearly 8 out of 10 (79.6%) of respondents say that their caring responsibilities have affected their ability to pay for household expenses. Adult children often give up saving for their own retirements, children’s college education, or home payments because they have to financially support and care for one or more of their middle-aged parents.
Almost the vast majority (63.7%) have used credit card savings, borrowed money, or increased credit card debt to help pay for the costs associated with their caregiver responsibilities. More than half (56.4%) have recently borrowed between $ 100 i $ 1,000 to pay for care expenses.
Other key findings from the survey, which was sponsored by Legacy Health Endowment and conducted by J. Wallin Opinion Research:
More than 8 out of 10 (82.2%) are concerned about losing their job due to their caring responsibilities. The majority (62.1%) have had to reduce the time they can work in a paid position / job due to their care services. The majority (50.8%) have lost their jobs or closed a business due to the responsibilities associated with their care services.
Long-term financial implications especially affect women, who make up the majority of caregivers (usually women or adult daughters of those in need of care).
“They are in charge of rearranging their schedules, juggling doctor visits and prescriptions, squeezing on regular shopping trips and doing essential cleaning chores … all while caring for an elderly spouse or father,” he said. Jeffrey Lewis, President and CEO of Legacy Health Endowment. “Women who leave the workforce prematurely due to caring responsibilities cost an average $ 324,044 in lost wages, and Social Security contributions and lifelong pensions. They are dollars they never invent. This economic toll underscores why poverty in old age has such a clearly feminine face. ”
Other key survey results that include women caregivers:
More than 9 out of 10 (91.5%) believe that it is important to have services that allow the elderly and people with disabilities to live in the place they prefer. Nearly three-quarters (72.5%) say their responsibilities have affected their overall mental and emotional health. A similar number (71.8%) say their responsibilities have affected their own overall physical health. The majority (60.3%) have had to reduce the time they can work in a paid position / job due to their care services.
The survey also found overwhelming support from respondents for respite care for primary caregivers, who often face fatigue and exhaustion. More than 91% support programs that provide them with resources for both their own mental health and care services.
The survey was conducted in English and Spanish between March 25 and April 19, 2022en Stanislaus i Thank you counties. Professional interviewers called mobile and landline phones, and also used online interviews via text, email, and social media invitations to reach 1,721 people.
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