Family Caregiving

Written By: Marissa Waldron, CFP® 

Family caregiving is a significant concern for many people due to the emotional, financial, and time demands it places on individuals. The statistics provided highlight the widespread nature of caregiving and its impact on voters’ priorities and legislative support.

Family Caregiving Experience:

  • A significant portion of the population is involved in caregiving, with one-third having been caregivers in the past, one-fifth currently caregiving, and half expecting to be caregivers in the future.
  • Most caregivers are women, with an average age of 49.4. A substantial number are younger adults between 18 and 34.

Challenges for Caregivers:

  • Time: The primary challenge cited by caregivers.
  • Financial Strain:
    • Three-quarters of caregivers report regular out-of-pocket expenses, averaging $7,242 annually.
    • Caregivers spend, on average, 26% of their income on caregiving activities.
    • Only a small fraction (5%) reported having no caregiving-related expenses in the past year.
  • Work-Life Balance:
    • Many caregivers (61%) are also employed full-time.
    • A majority report changes in their work situation due to caregiving responsibilities, such as arriving late, leaving early, or taking time off.
    • Emotional stress, missed meetings or events, and balancing multiple responsibilities are common challenges.

Legislative and Policy Support:

  • Healthcare and Financial Support: Family caregivers express a desire for increased access to healthcare and financial support.
  • In-Home Care: High support among midlife and older voters for resources for in-home care and Medicaid guaranteeing home-care services.
  • Tax Credits: Strong support across political lines for providing tax credits to offset caregiving expenses.
  • Independent Living: A significant number of voters prioritize expanding services to help older adults live independently at home and support for unpaid family caregivers.

Caregiving Concerns:

  • Financial insecurity, loss of independence, and becoming a burden on family are major worries for many people, reflecting a broad anxiety about aging and caregiving needs.

These insights underscore the critical need for planning and tools to aid family caregivers and address their multifaceted challenges, ensuring better outcomes for both caregivers and those they care for.

Say What?

  • Gen Z (between ages 12 and 27) is the least financially confident generation, and a third of them say their parents didn’t set a good example for them. 
  • 80 percent of respondents of a 2023 Edward Jones survey said they never learned money skills in school.

This week in history

1985 – The Coca-Cola company makes one of worst decisions in marketing history when it decides to change its original formula and introduces “New Coke.” It was a resounding flop and after just a short period the old Coke product was reintroduced in July 1985 as “Classic Coke.”

1988 – “Die Hard” starring Bruce Willis opened in theaters across the U.S.

1995 – Amazon officially opened for business as an online bookseller and within a month had shipped books to all 50 U.S. states and to 45 countries. Founder Jeff Bezos’ motto was “get big fast.”

2006 – Twitter, now X, was launched as “Twttr” in San Francisco. 

What did it cost? (Amusement Park tickets)

1974 – $7 for adults, $6 for kids

2004 – $26.95 adults, $20.95 for kids 

2024 – $69

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