What’s gone up even faster than gas or rent? The cost of caregiving
Family caregivers spend an average of $11,508 per year of their own money supporting elderly parents, disabled adults, or chronically ill relatives. A new study from AARP shows these out-of-pocket expenses have jumped roughly 60 percent since 2021, climbing faster than inflation, gas, or rent. These costs currently consume an average of 31 percent of a caregiver's personal income. The growing financial burden impacts individuals assisting aging family members or friends, highlighting the severe economic strain borne by households providing informal care.
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- ✓ Family caregivers spend an average of $11,508 a year out of pocket.
- ✓ Caregiver out-of-pocket spending has increased by approximately 60 percent since 2021.
- ✓ Caregiving expenses consume an average of 31 percent of a caregiver's income.
- ✓ Caregivers provide assistance to disabled, chronically ill, or elderly adults.
What changed
A newly released AARP study quantified the dramatic surge in informal care costs, revealing that out-of-pocket spending has jumped by nearly 60 percent over a five-year period.
Live updates
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Caregiver Out-of-Pocket Costs Surge 60 Percent
Family caregivers spend an average of $11,508 per year of their own money supporting elderly parents, disabled adults, or chronically ill relatives. A new study from AARP shows these out-of-pocket expenses have jumped roughly 60 percent since 2021, climbing faster than inflation, gas, or rent. These costs currently consume an average of 31 percent of a caregiver's personal income. The growing financial burden impacts individuals assisting aging family members or friends, highlighting the severe economic strain borne by households providing informal care.
Why it matters
The steep rise in expenses highlights a growing trend known as caregiver creep, where individuals slip gradually into heavy financial and physical responsibilities under the guise of just helping out. Caregiving costs are outpacing general inflation measures, placing heavy pressures on personal household budgets. Analysts note that financial support for family caregivers could emerge as a relevant issue for midterm voters.
What is confirmed
- Family caregivers spend an average of $11,508 a year out of pocket.
- Caregiver out-of-pocket spending has increased by approximately 60 percent since 2021.
- Caregiving expenses consume an average of 31 percent of a caregiver's income.
- Caregivers provide assistance to disabled, chronically ill, or elderly adults.
Still unconfirmed
- Support for family caregivers could matter significantly to midterm voters.
What to watch next
- Legislative or policy proposals addressing the rising costs of family caregiving
- Further voter response or polling data regarding caregiving expenses ahead of midterms
confidence 100%Sources used for this update (13)
- NPR — What’s gone up even faster than gas or rent? The cost of caregiving
- AARP — Family Caregivers Spend $11,508 a Year, AARP Study Finds
- CBS News — People who care for an elderly parent or other loved one face soaring costs
- USA Today — What is caregiver creep? The slippery slope of 'just helping out'
- CNBC — Caregiving for adult relatives can cost thousands. AARP survey finds support could matter to midterm voters
- AARP — Caregiver Out-of-Pocket Spending Rises 59 Percent
- Newser — Family Caregivers Pay Dearly for Their Loved Ones
- www.lpm.org — What's gone up even faster than gas or rent? The cost of ...
- www.businessinsider.com — Caregivers spend thousands of dollars of their own money on ...
- kffhealthnews.org — Being A Family Caregiver Means Spending $11,508 Out-Of-Pocket ...
- www.cbsnews.com — People who care for an elderly parent or other loved one face ...
- whatsyourplan.substack.com — The Rising Cost of Caregiving: Families Are Paying More Than ...
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