The Hidden Costs of Care: Financial Planning and Wellbeing Among Family Caregivers
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20M
Financial Profiles of Family Caregivers
The financial impact of caregiving is often experienced not as a single expense, but as a series of setbacks that can accumulate over time. More than 1 in 3 family caregivers (36%) report two or more distinct negative financial impacts, and 86% of those experiencing the highest financial strain report multiple impacts.
These challenges affect caregivers across all ages and income levels, but younger caregivers and those in lower-income households are more likely to experience multiple negative financial impacts. Among caregivers ages 18–34, 44% report multiple impacts–more than double the share of caregivers ages 75 and older (20%).
Household income also shapes caregivers’ financial experiences. Nearly twice as many caregivers in households earning under $100,000 annually report multiple negative financial impacts compared with those earning $100,000 or more (44% versus 23%). Nearly 1 in 4 caregivers in higher-income households experience multiple negative financial impacts, underscoring that caregiving can place financial pressure on families regardless of income.
52-year-old woman , Kansas, Caregiver to her mother-in-law
The Planning Landscape
Fewer than half of adult care recipients, just 43%, have clear plans in place for their future care. Similarly, only 47% of caregivers have plans for their own future care , potentially leaving families financially and logistically exposed.
Planning is more common among older adults and those with higher incomes and education levels—among caregivers and care recipients alike. This means that caregivers and care recipients who may face greater financial risk, including younger caregivers and those with lower incomes or less education, are also less likely to have the planning protections that could help them prepare for future needs.
Planning is also a family-level behavior. Among caregivers whose care recipients have plans in place, 63% have plans for their own future care, compared with just 35% of caregivers whose care recipients do not have plans.
Planning for Care, Promoting Financial Wellbeing for Caregivers
Planning for future care may help protect caregivers from negative financial impacts. When care recipients have plans in place, fewer of their caregivers report multiple negative financial impacts than when care recipients lack plans (28% versus 46%).
Caregivers whose care recipients have plans are also less likely to report high financial strain: 12%, compared with 25% when the care recipient has not planned.
These findings underscore the importance of planning for future care as part of efforts to support caregiver financial wellbeing. By understanding the financial realities of caregiving and the potential role of advance planning, policymakers, health and long-term care systems, and communities can identify opportunities to strengthen support for family caregivers and promote greater financial security.
Explore More Insights
- Genworth Financial. (2021). Beyond Dollars study 2021: How caregiving impacts families, communities, and society. Genworth Investor Relations.
- CareScout. Cost of Care, 2025, www.carescout.com/cost-of-care.
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53%