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MultiVu Video Feed: NEW SURVEY FINDS THAT HALF OF CAREGIVERS SPEND 10 PERCENT OF THEIR INCOME CARING FOR AN OLDER LOVED ONE
Date:11/19/2007

The First, In-Depth Look at What Caregivers Spend and What they Sacrifice

Half of those caring for a loved one 50 years or older-as many as 17 million Americans-spend more than 10 percent of their annual income on caregiving expenses and often sacrifice their own financial and personal well-being to do so, according to a new Evercare/National Alliance for Caregiving (NAC) study. The Evercare/NAC Study finds that caregivers who have annual 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's leading health care coordination programs, collaborated with NAC, the leading national research authority on caregiving, to conduct the study.

The Study also found:

* One in three respondents (34 percent) has used their own savings to cover the cost of caregiving

* One-quarter (23 percent) have cut back on their own health care spending.

* 38 percent are saving less or not at all for their children's future

* Many cut back on basics: clothing, utilities or transportation (27 percent) and groceries (25 percent)

* 23 percent cut back on personal medical or dental expenses

Despite the sacrifices, most study respondents see caregiving as a labor of love and one they do willingly.

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