More than half of Americans are already caregivers or believe they will end up providing long-term care to someone during their lifetimes, according to a new study.
Three-in-10 respondents in the most recent Northwestern Mutual C.A.R.E. Study, released on Monday, identified as current or past caregivers. Another 22 percent expect to become caregivers in the future.
Two-thirds of caregivers in the study reported having to reduce their own living expenses to help cover the costs of care. Caregivers spend an average of $273 per month on medicine and medical supplies and another $159 on food for their charges. All told, the responsibilities ring up about $843 per month in costs for caregivers.
Caregiving also has an impact on careers: One-in-five caregivers reported having to reduce work hours, and another 20 percent reported needing to alter their work schedules to accommodate their caregiving duties.
Northwestern Mutual says it’s study shows that Americans are feeling increasing “financial and lifestyle pressure” due to their caregiving duties.
Almost 70 percent of the survey’s caregiver respondents said they ended up having to provide financial support to their charges, yet less than half said they were equipped to handle the financial burden.
Nearly half of the respondents who expected to be caregivers in the future had not planned at all for the expense.
When asked about planning for their own needs, 73 percent of the respondents in the survey had not planned for long-term care. Yet more than half said that saving for long-term care was a top priority, ranking only behind saving for retirement.
Nearly three-in-10 of the caregiving respondents, 27 percent, said they were acting as caregivers because “there was no other option.” The most common answer, given by 39 percent of respondents, said that they take care of relatives and friends because caregiving is what their family has always done.
More than half of the caregivers in the survey said that they had planned to give care at some point during their lives. Asked who they expected to provide long-term care, 47 percent of respondents said they would look to a spouse or a partner, while 26 percent said they would look to their children.