elderly mother and her daughter

The Stats About Family Caregivers Everyone Should Know

The Stats About Family Caregivers Everyone Should Know

Two out of 10 people in America will become caretakers for loved-ones, mostly in addition to their full-time jobs.1 With a fifth of adults preparing to or already providing care for aging loved ones, it’s important to recognize the responsibilities – both financial and physical – that come along with being a caregiver. Let’s take a look at a few statistics that shed light on the role many of us will play as those we love need extra help and support.

 

The Surprising Stats About Family Caregivers Everyone Should Know A number of adults are either preparing to or already providing care for aging loved ones including parents, in-laws or other older relatives. It's important to recognize the sacrifices—both financial and physical—this group of people makes every day. Here are some important statistics about caregivers and the impact it can have on families and their finances. 2/10 people in America will provide custodial O 41 care for a loved one Custodial care is non-medical care provided to those who need assistance performing activities of daily living (bathing, grooming, eating, dressing, etc.). 66 0 of caregivers are women Women in the workforce already face a lifetime wage gap, earning around 82 cents to every dollar a male counterpart earns. Caregiving can further financially impact working women. The national average cost of a professional caregiver is $23/hour Custodial care can be provided by a professional caregiver, but the costs can add up quickly—especially if it's not covered by insurance or Medicare. 25 0 of caregivers spend 41 hours or more per week providing care Depending on the level of care a loved one requires, caregiving can take up as much time as a full-time job. 33 0 of women caregivers have decreased their work hours to accommodate their caregiving responsibilities Being a caregiver can impact all aspects of a person's life—their timeline for retirement, savings goals and career opportunities. If you're a caregiver to a loved one, you could be facing stressful financial and emotional implications. Reach out to your financial advisor today, as they can help you strike a balance between your caregiving duties and personal well-being Sources: https://www.caregiver.org/resource/women-and-caregiving-facts-and-figures/ www.whatcarecosts.com https://www.caregiver.org/resource/caregiver-statistics-demographics/ https://nwlc.org/resources/women-and-the-lifetime-wage-gap-how-many-wo man-years-does-it-take-to-equal-40-man-years/

  1. https://www.caregiver.org/resource/women-and-caregiving-facts-and-figures/

Disclosures  The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor. The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward‐looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.

All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such. Targets estimates are based on certain assumptions and analysis made by the advisor. There is no guarantee that the estimates will be achieved. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. All investments include a risk of loss that clients should be prepared to bear. The principal risks of ReFrame Wealth strategies are disclosed in the publicly available Form ADV Part 2A. Diversification does not ensure a profit or guarantee against loss. ReFrame Wealth, LLC (“ReFrame Wealth”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where ReFrame Wealth and its representatives are properly licensed or exempt from licensure.

Request a Consultation