MultiVu Video Feed: NEW SURVEY FINDS THAT HALF OF CAREGIVERS SPEND 10 PERCENT OF THEIR INCOME CARING FOR AN OLDER LOVED ONE
Half of those caring for a loved one 50 years or older-as many as 17million Americans-spend more than 10 percent of their annual income oncaregiving expenses and often sacrifice their own financial and personalwell-being to do so, according to a new Evercare/National Alliance forCaregiving (NAC) study. The Evercare/NAC Study finds that caregivers who haveannual median income of $43,026 spend an average $5,531 a year on caregiving.At lower income levels, the annual average costs remained about $5,500,making their financial burden even heavier. Evercare, one of the nation'sleading health care coordination programs, collaborated with NAC, the leadingnational research authority on caregiving, to conduct the study.
The Study also found:
* One in three respondents (34 percent) has used their own savings tocover the cost of caregiving
* One-quarter (23 percent) have cut back on their own health carespending.
* 38 percent are saving less or not at all for their children's future
* Many cut back on basics: clothing, utilities or transportation (27percent) and groceries (25 percent)
* 23 percent cut back on personal medical or dental expenses
Despite the sacrifices, most study respondents see caregiving as a laborof love and one they do willingly.
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NEWS: Caregivers Sacrificing Their Own and Their Children's FinancialFutures to Meet Expenses Today
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