The Senior Care Index

Executive Summary

Currently, an estimated 40 million adults in the U.S. serve as family caregivers – the relatives, friends and neighbors who provide unpaid care to loved ones in need. As the population ages, these numbers are expected to increase considerably, and the portrait of family caregivers will grow increasingly complex. Women caring for an adult loved one remain the majority of family caregivers, but more men are assuming caregiving roles. And while the largest share of caregivers is in their 40s and 50s, a growing number of Millennials are responsible for the care of an older loved one. More than one in five caregivers are caring for more than one family member. Fully 24% of family caregivers have children living at home with them, meaning they’re part of the Sandwich Generation. And, while previous research has shown 90% of older Americans prefer to remain in their homes, our research shows less than half of care recipients are aging in place, suggesting there’s a considerable gap between expectations and reality. The results of our report, “The Senior Care Index,” provide an illuminating picture of who family caregivers and their loved ones are, how caregivers feel about the experience, and the challenges they confront.

Family caregivers come from all walks of life. Yet, despite their differences, they share many common experiences. At nearly every stage of the process, caregivers face decision-making burdens and financial burdens, and many people are financially unprepared for caregiving costs, the survey found. Many people also struggle to get good information about caregiving issues and to handle the effects of caregiving on other relationships.

Here’s a look at the key points and highlights from the survey results:

• Many families are not financially prepared for caregiving. Less than half of care-recipients have retirement savings, and only 11% have long-term care insurance. One in five caregivers has dipped into his or her own personal savings to pay for their loved ones’ caregiving expenses, and another 10% have drawn from their own retirement savings to pay for their senior’s care.
• Among the respondents, more than half are employed at least part-time, including 44% who work full-time, which means they’re often juggling work, family, and caregiving responsibilities.
• For many respondents, caregiving is like a second job: 43% spend 11 hours or more per week caring for a loved one, 20% of caregivers spend more than 20 hours per week, and 11% spend 30 hours or more caring for a loved one each week.
• Most respondents (70%) do not use paid in-home care for their senior loved ones, and nearly one in five cite cost as a factor.
• Caregiving is not a short-term proposition: While almost half of caregivers have been providing care for their loved ones for more than three years, one in four has been doing it for five or more years.