RICHMOND, Va., Nov. 13, 2018 /PRNewswire/ -- Caregivers in
the United States are getting
younger and continue to struggle with stress and depression, no
matter what their age, according to Genworth's Beyond Dollars Study
20181 released today.
Genworth has conducted the Beyond Dollars Study about every
three years since 2010 as part of its mission to help families
prepare for the challenges of growing older. The study
documents the emotional, physical and financial impact of
caregiving on families beyond the cost of long term care services,
which Genworth tracks in its annual Cost of Care
Survey.
Among highlights of this year's Beyond Dollars Study:
- Caregivers are getting younger: More than half (58
percent) of today's caregivers are between the ages of 25 and 54,
with an average age of 47, down from 53 in 2010.
- Care recipients are getting younger, too. Since 2010, when 62
percent were older than 75, the average age of the care recipients
has been coming down. In 2018, the average age of care
recipients was 66.
- Although age-related physical limitations (44 percent) and
illness (32 percent) remain the primary reason people need care,
accidents have been steadily increasing as a reason for needing
care, jumping from 11 percent in 2010 to 21 percent in 2018.
- Most of the study respondents felt proud to be able to offer
support and, in fact, 82 percent reported positive feelings
resulting from providing care. However, the majority of caregivers
surveyed (53 percent) reported feeling high levels of stress and
more than a third (41 percent) reported feelings of depression and
resentment. To compound matters, more than half (52 percent) of
caregivers reported they did not feel qualified to provide physical
care.
"Caregiving is a role that most people aren't prepared to
assume," said David O'Leary,
President and Chief Executive Officer of Genworth's U.S. Life
Insurance division. "It can exact an enormous physical and
emotional toll, affecting relationships, careers and the
caregivers' own health, but it's particularly acute for families
who haven't planned ahead for the potential of needing long term
care. By calling attention to the impact of caregiving on
families, we hope to encourage them to consider 'what if' long
before a crisis arises and disrupts their lives."
In addition to mental health issues, the Beyond Dollars Study
found that caregiving can have an impact on other aspects of
caregivers' lives:
Health
The stress of caregiving can put family
caregivers' health at risk: 46 percent of caregivers reported that
a long term care event negatively affected their health and
well-being
Family Relationships
The time, energy, and resources
devoted to caregiving can also detract from the ability of
caregivers to care for their immediate families, according to the
Beyond Dollars Study:
- Half (50 percent) of caregivers reported they have less time
for their spouses, children and themselves.
- 40 percent indicated their relationships with their
spouse/partner was negatively impacted
- 29 percent said their relationship with their children was
negatively affected.
Family Finances
Caregiving often comes with
significant financial costs. On average, caregivers spend
$10,400 on out-of-pocket expenses,
and most caregivers did not plan for the additional expenditures
and the additional strain it put on their lives:
- 70 percent of caregivers purchased everyday items for their
loved ones
- 61 percent of families helped to cover the cost of professional
home care
- 48 percent of caregivers reported a reduction in their quality
of life because of the added expense of paying for care.
Careers
Half of respondents (50 percent) reported that
their caregiving responsibilities also affected their careers:
- 70 percent of caregivers reported missed time at work
- 46 percent reported cutting back their hours
- 62 percent of caregivers said they lost income as a result of
caregiving.
Lessons Learned
In the Beyond Dollars Study, 84
percent of caregivers and 75 percent of care recipients said they
would have done things differently if given the chance. Not
surprisingly, care recipients most often cited 'planning better' as
the one thing they would do differently if they could turn back the
clock.
"As difficult as it is to talk about the potential for needing
care, it is incredibly important for families to start having those
conversations with loved ones and making plans for the future,"
said Janice Luvera, Genworth's Chief
Marketing Officer. "Planning well now helps ensure that people will
receive the care they need, how and where they wish to receive it,
and reduces the stress of caregiving for those who love them."
Planning Resources
Planning well in advance expands
the choices available for care later as people grow older.
Following are resources that can help with the planning
process:
- Visit
https://www.genworth.com/aging-and-you/finances/cost-of-care.html
to learn more about the cost of long term care in your area and how
costs have changed over time.
- Learn more about the physical, financial, emotional, and
psychological strain caregiving can have on family, friends, and
society.
- Download Genworth's Cost of Care App from iTunes or Google Play
Store.
- To explore long term care financing options, please visit
genworth.com/longtermcare
- Beyond traditional insurance products, an underwritten single
premium immediate need annuity can be purchased by older, less
healthy Americans or their families to provide a guaranteed
lifetime source of income that can be used for any purpose
including, to pay for care or other expenses. Learn more here:
www.genworth.com/products/immediate-need-annuity.html.
About the Beyond Dollars Study 2018
Genworth sponsored
the Beyond Dollars Study in 2010, 2013, 2015 and now in 2018 to
understand and share the perspectives of care recipients, familial
caregivers and their wider support network.
Genworth conducted its latest Beyond Dollars Study in
February 2018. The initial research
population included 7,421 participants, which was narrowed down to
1,200 qualified individuals. They included 739 people providing
long term care to loved ones (caregivers), 351 care recipients and
110 family members with detailed knowledge of a long term care
event in their family (but not responsible for providing care).
Fifty-one percent of respondents were providing care for a
parent (34% for their mother, 17% for their father). 30% were
caring for a spouse and 8% for a grandparent. 8% were providing
long term care for a sibling or child.
Caregivers were evenly split between male and female,
challenging a commonly held assumption that women are the
predominant caregivers. Their average age was 47 and 60% were
married.
Care recipients were predominantly women at 63% with an average
age of 66 and 36% of them were married.
The results represent statistically significant findings tested
at 95% and 90% confidence intervals.
Click here to read the Executive Summary of Genworth's Beyond
Dollars Study 2018.
About Genworth Financial
Genworth Financial,
Inc. (NYSE: GNW) is a Fortune 500 insurance holding company
committed to helping families achieve the dream of homeownership
and address the financial challenges of aging through its
leadership positions in mortgage insurance and long term care
insurance. Headquartered in Richmond, Virginia, Genworth traces its roots back to
1871 and became a public company in 2004. For more
information, visit genworth.com.
From time to time, Genworth releases important information
via postings on its corporate website. Accordingly, investors and
other interested parties are encouraged to enroll to receive
automatic email alerts and Really Simple Syndication (RSS) feeds
regarding new postings. Enrollment information is found under the
"Investors" section of genworth.com. From time to time,
Genworth's publicly traded subsidiaries, Genworth MI Canada Inc.
and Genworth Mortgage Insurance Australia Limited,
separately release financial and other information about
their operations. This information can be found
at http://genworth.ca and http://www.genworth.com.au.
298101 11/08/18
1 Beyond Dollars
2018: How Caregiving Impacts Families, Communities and
Society. (November 2018).
Richmond, VA: Genworth
Financial.
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