New research from Edward Jones, Age Wave and The Harris Poll underscores the financial impact of caregiving
Study shows caregiving belongs in the financial conversation long before care is actually needed
Caring for someone we love is one of the most meaningful things we do, and one of the least planned for. A new study from Edward Jones, Age Wave, and The Harris Poll looks at what caregiving asks of families financially, and finds that millions of people are giving their money, their time, and often their own financial security to care for the people who depend on them. The research points to a simple idea: caregiving belongs in the financial conversation long before care is actually needed.
Financial caregiving is everywhere
More than 32 million U.S. adults serve as financial caregivers for someone age 65 or older, which is 81% of everyone caring for an older adult. Financial caregiving means more than writing checks. It covers managing a loved one’s finances, contributing your own money, and making personal sacrifices so care can happen. It is a role most people step into quietly, often without realizing how large it will become.
Caregiving asks for both money and time
The commitment is real on both fronts. Among financial caregivers to adults 65 and older, 91% spend their own money each year, and 84% are not fully reimbursed, leaving them to cover an average of $8,737 out of pocket. For many, that money comes from savings meant for something else: retirement, emergencies or a child’s education.
Time adds up just as quickly. Financial caregivers provide an average of 109 hours of care each month, roughly 3.5 hours every day. Nearly three-quarters (73%) also hold a job, which means millions are carrying what amounts to a second role alongside their work. More than eight in ten report at least one change to their daily lives, from cutting back on personal spending to seeing less of family and friends.
The generosity paradox
The research surfaces a striking tension. While 87% of financial caregivers say they do not want to become a burden on their own families, 81% are willing to reduce their own financial security to support the person in their care. And despite the cost, 85% say caregiving gives them a sense of purpose and fulfillment. Caregiving can be demanding and meaningful at the same time, and both of those things are true at once.
The experience looks different for every family
Caregiving is not one story. Women spend more time in the role, an average of 118 hours a month compared with 98 for men, and are more likely to have paused or reduced their own saving. Nearly half (46%) are “sandwich” caregivers, supporting children while also caring for an older adult. Younger caregivers more often report making financial sacrifices, and those caring for an adult with a disability tend to give more, financially and personally, over a longer period.
The best time to prepare is before care is needed
Caregiving is hard to predict, but families can still prepare for the possibility. Only 33% of financial caregivers say the role was planned and discussed ahead of time, and just 30% of care recipients have all three key legacy documents in place: a will, a health care directive and a power of attorney. Earlier conversations about finances, care wishes and who might take on which responsibilities can give families more options later, rather than forcing decisions in a moment of crisis.
Support matters too. Half of financial caregivers work with a financial advisor for their own finances, and among those who do, 96% say it has been helpful. A financial advisor is one source of support, alongside family, employers and community resources, that can help caregivers see how supporting a loved one may affect their own goals.
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