A recent survey claims that Americans drastically underestimate the costs associated with caring for their loved ones. Caregivers make up a large percentage of the population; specifically, out of the 1,000 people surveyed, 40% were caregivers and 20% expected to step into that role. According to the current caregivers, caregiving expenses compromised nearly one-third of their budgets. However, only 25% of future caregivers thought financial support was a key attribute of caregiving. Because caregiving expenses are enhanced by the unintentional failure of Americans to plan for long-term care, it is important to understand the financial burden that caregiving can bring to a family and how best to alleviate those costs.
See Christopher Robbins, Caregiving Costs Higher than You Probably Think, Financial Advisor, February 8, 2017.
