What would happen if you are doing everything right regarding your own finances — and then have your plans derailed by the needs of a family member, such as a parent or sibling, who didn’t plan ahead?
A recent study by the Transamerica Institute found that caregiving is risky business for those who step in to help an aging parent or relative. Here are some telling statistics from the study about the potential strains on caregivers:
- Fifty-two percent are working full or part time. Of these working caregivers, more than three-fourths report making some type of an adjustment to their employment — using sick time or vacation days, working fewer hours or quitting their jobs or retiring.
- More than one-fourth of working caregivers’ employers have reacted negatively to the workers’ caregiving responsibilities.
- Caregivers spend a median of $150 per month to cover expenses for the recipient. Almost half of all caregivers (43 percent) say they’re “just getting by” with their finances.
- More than half (56 percent) say their own health is taking a back seat to the health of their recipient.
Caregivers also report being unprepared for their roles. Almost half (49 percent) of caregivers perform medical- or nursing-related tasks, but only about half of these caregivers learned how to carry out these tasks from hospital or doctor staff.
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About Evan H Farr, CELA, CAP
