The Impact of the Economy on Family Caregivers
By Richard Shank
Evercare recently released a report with new data that details the increased financial and emotional burdens faced by caregivers in the struggling economy.
Family caregiving is a vital part of the U.S. health care system. Informal care for loved ones has been estimated to provide up to $375 billion worth of services a year. With an aging population, the value and importance of family caregiving is only expected to increase. Because of this fact, Evercare and the National Alliance for Caregiving have commissioned studies that examine the role that family caregivers play in society; this particular report focuses on how the current economy impacts this population.
Evercare randomly sampled more than 1,000 family caregivers and surveyed them about the impact of the economy on their caregiving activities and the care recipient.
Overall, 20% of family caregivers reported that the quality of care their loved one receives has declined because of the economic downturn. An additional 43% reported having to take a pay cut or working fewer hours because of the recession, leading many to find extra work in order to make ends meet.
For one-eighth of the participants, the economic downturn has resulted in increased caregiving costs. The combination of added caregiving costs and reduced compensation are leaving many to face large financial risks, and nearly half of working caregivers report that they have used up nearly all or most of their savings. Finally, the survey reports that these economic pressures are creating a heightened state of personal stress and anxiety.
From these findings, it is clear that family caregivers are significantly impacted by the economic recession. Previous studies demonstrate that the common stressors related to family caregiving have a negative impact on the health of the caregiver, further multiplied by today’s elevated pressures and stress.
Family caregiving often flies under the radar without much fan fare—however, given its prevalence, it impacts nearly every segment of the U.S. population. The researchers suggest that more should be done to promote the health and wellness of family caregivers to provide them with the support they need to provide adequate care for loved ones.
For more information, and to see the executive summary, visit:
http://evercarehealthplans.com/pdf/2009CaregiversSurveyFactSheet.pdf
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