The Caregiving Crisis
Caregiving can be a rewarding experience, providing the opportunity for loved ones to grow closer and to feel the pride of being able to help. At the same time, the physical, financial, emotional, and psychological strain of caregiving can have wide-reaching impact on the family and friends of caregivers.
To understand and share the perspectives of care recipients, familial caregivers and their wider support network, Genworth conducted its latest Beyond Dollars Study in April 2021. The study looks at information and insights provided by 1,325 participants qualifying as Familial Caregivers, Care Recipients, and Knowledgeable Family Members.
The reasons one might need care vary. The needs are severe and long-lasting.
"He fell down 3 times in a 2-month period, had a pacemaker installed, needed to go to rehabilitation home/nursing home where he passed after 5 weeks. He couldn’t rehab (walk) whatsoever, also contracted COVID there, but did not pass because of COVID. He passed from Coronary Heart Disease."
3.5 Years
Reported average duration of a loved one's need for long-term care.
49%
of Caregivers reported that their loved one required assistance with “most facets” of daily living.
Who Are The Caregivers?
48% 52%
Female Male
54% of Caregivers are between the ages of 25-54 with an average age of 51.
40% of Caregivers are likely an adult child taking care of an aging parent.
The Negative Effect On Caregivers
57% of Caregivers have children under the age of 18 at home.
31% of Caregivers with children said caregiving negatively affected their relationship with their children.
72% of Caregivers are married of in long-term partnerships.
43% of partnered Caregivers said caregiving negatively affected their relationship with their spouse/partner.
55% of Caregivers were employed full-time when their loved one required care.
51% of employed Caregivers said caregiving negatively affected their ability to do their jobs.
| Health & Well-Being | |
|---|---|
| High Levels of Stress | 48% |
| Health and Well-Being Impacted | 51% |
| Finances | |
|---|---|
| Paying for care with their own savings/retirement funds | 66% |
| Reducing the base quality of living | 53% |
| Career | |
|---|---|
| Reported repeated absences | 27% |
| Missed career opportunities | 24% |
"I did have to give up my full time job and take on a part time one."
Benefits of Planning
The Beyond Dollars research has shown that having a long-term care plan, whether it was a Long Term Care Insurance policy or simply a plan to handle care if needed, could have helped alleviate some of the emotional, financial and physical stress of what can often be a difficult situation.
Even among those who had prepared, over 78% caregivers wish they had taken steps sooner.
"Prepare as early as you can and have a plan in place, if possible."
Beyond Dollars Study
Are you one of the millions of caregivers wondering about the toll caregiving takes on your health, your family life, and your career? Our latest research findings will be a powerful reminder that you're not alone.
