Transamerica Institute is featuring a new study on The Many Faces of Caregivers: A Close-Up Look at Caregiving and Its Impacts. They surveyed over 3,000 non-professional family caregivers around the country to offer a better understanding of a caregiver’s duties. The study included the impact of caregiving on a person’s personal health, well-being, finances, employment, and preparations for retirement.

The research offers an in-depth analysis of caregivers by employment status, gender, generation, ethnicity, household income, whether they are the primary caregiver, and whether they volunteered to be a caregiver or not. Also included was information about their personal health and financial situation.

Key Research Findings on Caregiving and Its Impacts

Daily Lives and Caregiving Duties

  • 74% of caregivers have provided care for 1+ years.
  • 36% of caregivers spend 100+ hours per month providing care.
  • Among caregivers who perform medically related tasks, 54% say they learned these tasks from doctor’s office personnel or the hospital.

Employment Challenges

  • Many caregivers are juggling jobs and caregiving duties with 52% of caregivers currently employed. 39% are employed full-time and 13% are employed part-time.
  • 28% of caregivers who are employed, or have been employed during their time as a caregiver, indicated they experienced adverse actions by their employers due to their caregiving responsibilities.

Financial Implications

  • Caregivers spend a median of $150 per month in out-of-pocket costs to cover expenses for their care recipient. 75% do not receive any form of payment for their work.
  • While 56% of caregivers describe their financial well-being as excellent or good, the median caregivers have saved in household retirement accounts is $68,000.
  • Nearly 18% said they have taken a loan, hardship withdrawal and/or early withdrawal from their retirement accounts after becoming a caregiver.

Health Implications

  • While 74% of caregivers consider themselves in excellent or good health, 17% indicated their health has gotten worse or declined since becoming a caregiver.
  • 55% of caregivers say their caregiving responsibilities leave them feeling emotionally or physically exhausted.

Do you have a long term care plan for your future? Caregiving roles and responsibilities can put your family or friends in a challenging position. Learn more about Long Term Care Insurance and how you can gain peace of mind knowing you’ll be cared for and your family’s personal and financial well-being will be protected.