Caregivers face soaring costs, taking a toll on income and jobs
Summary
Family caregivers spend an average of more than $11,500 a year on care, about 60% more than in 2021, according to an AARP study. The costs and time demands can reduce savings, earnings, and work hours, and may lead some caregivers to leave their jobs.Key Facts
- AARP based its findings on a survey of more than 2,500 people who cared for an adult relative or friend in June and July.
- Caregiving costs average more than $11,500 a year, up roughly 60% from 2021.
- For households earning less than $40,000 annually, caregiving costs average more than three-quarters of household income.
- Housing and household expenses are caregivers’ largest costs, averaging nearly $4,800 per year.
- Healthcare costs are the second-largest financial burden, including insurance premiums, copayments, and hospital bills.
- Nearly two-thirds of working caregivers surveyed said caregiving responsibilities affected their work lives.
- Some caregivers work extra hours to cover costs, while others reduce their schedules or leave their jobs.
- Connecticut resident Wendy Mayo estimates she spends $15,000 a year helping care for her mother, who has Alzheimer’s disease.
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