Caregivers Trade Financial Security for Loved Ones, Fear Becoming Future Burden
Caregivers are willing to jeopardize their own finances to support aging relatives, yet most dread becoming a burden to their children later.
The “Financial Impact of Caregiving” study, commissioned by Edward Jones, Age Wave and The Harris Poll, surveyed more than 5,000 U.S. and Canadian adults caring for seniors or disabled relatives. It revealed a “generosity paradox”: 87% of respondents do not want to be a burden to their families, yet 81% are willing to place their own financial security at risk to help loved ones. Caregivers typically spend an average of $8,700 per year, with many cutting or pausing savings contributions, and some families report six-figure costs for nursing homes or home aides.
Emotional toll is high; interviewees cite lost personal aspirations and social isolation. The report notes that only 57% label themselves as financial contributors despite 91% actually funding care, and that a large share juggle caring for both elders and children, averaging over 100 caregiving hours monthly. Experts advise early family discussions and proper financial planning to avoid future hardship.
Why it matters
It shows how unpaid family care strains finances and could affect future economic security for many households.
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