Almost half of caregivers looking after a loved one with a disability or special needs took on the responsibilities by default – a job that on average spans nine years, according to a new study. For many, the role of family caregiver is assumed without question, and can be a rewarding job. But it can also take a toll on the individual’s own financial, mental, emotional and physical needs, as well as impact future retirement security. Caregiving can consume a person’s schedule, require time away from the workplace, incur out-of-pocket expenses and become draining when juggling other everyday chores and necessities.
Seven in 10 caregivers said they were so focused on the responsibilities of caregiving that they put off addressing their own needs, according to Fidelity Investments’ 2022 American Caregivers Study, which surveyed 766 U.S. adults who act as a family caregiver to a loved one. Almost 8 in 10 survey respondents said they currently or intend to rely on a combination of the family member’s work income as well as their own, and another 74% said they rely or expect to rely on government benefits to pay for care. See: Working and expected to be a family caregiver? 3 ways …