{"id":7916,"date":"2026-10-30T16:33:16","date_gmt":"2026-10-30T16:33:16","guid":{"rendered":"https:\/\/www.vaultinsider.top\/?p=7916"},"modified":"2026-10-30T16:33:16","modified_gmt":"2026-10-30T16:33:16","slug":"family-caregivers-spend-nearly-a-third-of-household-income-on-care-study","status":"publish","type":"post","link":"https:\/\/www.vaultinsider.top\/?p=7916","title":{"rendered":"Family caregivers spend nearly a third of household income on care: study"},"content":{"rendered":"
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\u00a0Financial influencer Taylor Price joins \u2018Varney & Co.\u2019 to break down how shifting your mindset can help Americans grow wealth and achieve the American Dream.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
Family caregivers are shelling out more than $11,000 a year on average to care for loved ones, consuming nearly a third of their household income, according to a new study.<\/p>\n
The study, released Wednesday by AARP, found that caregivers spend an average of $11,508 annually out of pocket while caring for an adult relative or friend. That amounts to an average of 31% of household income.<\/p>\n
The financial burden is even greater for lower-income households.<\/p>\n
Caregivers with annual household incomes below $40,000 spend an average of 76% of their income on caregiving, the study found.<\/p>\n
ECONOMIST SAYS OBAMA ‘FUNDAMENTALLY BROKE’ US HEALTHCARE SYSTEM, REVEALS SIMPLE FIX FOR REPUBLICANS<\/strong><\/p>\n
Family caregivers are shelling out more than $11,000 a year on average to care for loved ones, consuming nearly a third of their household income.<\/span> (iStock)<\/span><\/p>\n<\/div>\n<\/div>\n
Household and housing expenses make up the largest share of out-of-pocket spending, averaging $4,797 a year. Food, rent and mortgage payments are among the largest costs within that category.<\/p>\n
Medical expenses average another $3,313 annually and include copayments, insurance premiums, prescription drugs, medical equipment and payments to hospitals and other healthcare providers, according to AARP.<\/p>\n
The costs climb even higher for caregivers taking on more complex responsibilities.<\/p>\n
Those caring for someone with Alzheimer’s disease or another form of dementia spend an average of $15,846 annually, compared with $10,221 among those caring for someone without dementia, the study found.<\/p>\n
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Household and housing expenses make up the largest share of out-of-pocket spending, averaging $4,797 a year.<\/span> (iStock)<\/span><\/p>\n<\/div>\n<\/div>\n
Caregivers who perform three or more medical or nursing tasks spend an average of $15,648 a year, nearly twice the $7,948 spent by those who perform none.<\/p>\n
The financial strain can also spill into caregivers’ jobs and savings.<\/p>\n
Nearly two-thirds of working caregivers surveyed reported at least one work-related impact tied to caregiving. Working caregivers spend an average of $12,606 annually on care, according to AARP.<\/p>\n
Those who took on an additional job spend an average of $16,851 a year on caregiving.<\/p>\n
Some caregivers are also turning to borrowing money or tapping their retirement savings to cover expenses.<\/p>\n
MICROSOFT SAYS ITS AI TOOL OUTPERFORMS GENERALIST DOCTORS IN COMPLEX DIAGNOSES<\/strong><\/p>\n
The financial strain can also spill into caregivers’ jobs and savings.<\/span> (iStock)<\/span><\/p>\n<\/div>\n<\/div>\n
Those who borrowed money or took out loans spend an average of $16,580 annually on caregiving, while those who dipped into retirement savings spend $17,907.<\/p>\n
CLICK HERE TO GET FOX BUSINESS ON THE GO<\/u><\/strong><\/p>\n<\/div>\n
\u00a0Financial influencer Taylor P… <\/p>\n","protected":false},"author":1,"featured_media":7917,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[2464,9904,1338,10077,169,872,1594],"class_list":["post-7916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-care","tag-caregivers","tag-family","tag-household","tag-income","tag-spend","tag-study"],"yoast_head":"\n
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