How Far Would You Go to Care for Family? 8 in 10 Caregivers Would Sacrifice Their Own Financial Security
How Far Would You Go to Care for Family? 8 in 10 Caregivers Would Sacrifice Their Own Financial Security |
| [14-October-2026] |
New research uncovers the financial, emotional, and personal toll caring can take, while highlighting opportunities to plan ahead. Key findings:
ST. LOUIS, Oct. 14, 2026 /PRNewswire/ -- For millions of Americans, caring for a loved one means making difficult financial tradeoffs. A new study from Edward Jones, Age Wave and The Harris Poll found more than 32 million U.S. adults serve as financial caregivers for someone age 65 or older, and more than eight in 10 are willing to sacrifice their own financial security to support the person in their care.
These findings come from The Financial Impact of Caregiving report based on an online survey of more than 3,000 adult caregivers in May and June 2026. "We commissioned this research to better understand the full impact financial caregiving has on individuals and families, including the costs that are often overlooked," said Ken Cella, Principal and Head of External Affairs at Edward Jones. "As families navigate longer lifespans and increasingly complex financial decisions, these findings underscore the importance of planning ahead and ensuring caregivers have access to the support and resources they need." Caregiving often arrives without a plan and with an unexpected price tag The financial strain is significant. Among financial caregivers to adults 65 and older, 91% spend their own money on the person in their care each year and 84% are not fully reimbursed – leaving them spending an average of approximately $8,737 annually out of pocket. For many, those dollars come from savings earmarked for something else: retirement, emergency savings, or a child's education fund. The financial caregiving role is also often under-planned. Only 33% of financial caregivers say the role was planned and discussed ahead of time, and just 22% say they felt "extremely prepared" when financial caregiving began. "Caregiving often becomes a financial responsibility before families have fully discussed what support may be needed or who will provide it," said Cella. "Caregivers often step into the role because someone they love needs them, but that generosity can come at a real cost. Having those conversations earlier and often can help caregivers make more informed decisions and help them better prepare to care for the people they love, without losing sight of their own long-term goals." The hidden cost: More than 100 hours a month spent caring for loved ones The time commitment is just as substantial. Family caregivers to adults 65 and older spend an average of 109 hours a month providing care of all types, roughly 3.6 hours every day. For nearly three-quarters (73%) who are also employed, that means balancing about 100 hours of caregiving each month alongside a job; a juggling act that underscores the role employers can play in helping people meet responsibilities at home and at work. Employer caregiving benefits are both highly desired and widely used. Among 68% of employed financial caregivers to adults 65 and older who say they are offered caregiving benefits, 92% take advantage of them. Time-related benefits - flexible hours, hybrid or remote work and unpaid leave - are the most offered and used, while financial benefits are the most desired. Nearly half (46%) of financial caregivers to adults 65 and older are also "sandwich caregivers," caring for an older adult while also providing support for their children, regardless of age. For them, the financial and emotional load can compound, making it even harder to protect their own financial future while providing for the people who depend on them. Caregivers are sacrificing savings, retirement and their own well-being The financial weight of caregiving ripples into nearly every corner of a caregiver's life. Among financial caregivers to adults 65 and older, 82% report at least one major lifestyle impact: cutting personal spending, spending less time with family and friends, relocating themselves or their care recipient, delaying major purchases, or putting off their own medical care. For some, the strain turns into debt, with 25% reporting having to borrow money, increase their personal debt or delay repaying it, and 38% have stopped or reduced their saving. The toll also reaches retirement: 18% have reduced or paused retirement contributions. The burden also falls unevenly. Women are more likely than men to stop or reduce saving (42% vs. 35%) and are less confident they will have enough money for retirement and long-term care (71% vs. 84%). Women also spend an average of 118 hours per month on caregiving, compared with 98 hours for men. They are also more likely to say caregiving is more stressful than anticipated (76% vs. 68% of men) and that they feel overwhelmed by their responsibilities (61% vs. 51%). The generosity paradox – greater purpose, greater personal sacrifice The research reveals a striking tension at the heart of caregiving: 87% of financial caregivers to adults 65 and older say they do not want to become a caregiving burden on their own families, yet 81% are willing to reduce their own financial security to support the person in their care. Caregivers to adults with disabilities face distinct pressures. They are more likely to make direct financial contributions (69% vs. 57%) and personal financial sacrifices (64% vs. 49%), and more likely to say caregiving has been bad for their own health (63% vs. 43%). Yet across both groups, caregivers consistently point to the meaning the role brings. Among caregivers to adults 65 and older, 85% say caregiving gives them a sense of purpose and fulfillment. "Caregiving is filled with contradictions. It can be stressful, expensive, and overwhelming, while also being one of the most meaningful roles a person takes on," said Ken Dychtwald, Ph.D., Founder and CEO of Age Wave. "Caregivers are making extraordinary commitments with their time, energy and money, yet the vast majority say the experience gives them a sense of purpose and fulfillment. Supporting caregivers means recognizing both what they gain from the role and what they give up fulfilling it." The best time to talk about caregiving is before care is needed Caregiving may be difficult to predict, but families can take steps to prepare for its financial impact. Of those surveyed, only 33% said their caregiving role was planned for and discussed ahead of time. Financial caregivers to adults age 65 and older recommend preparing early by organizing their own financial and legacy plans and starting conversations with family members before care is needed. Given the planning gaps many caregivers encounter, this preparation matters. Among financial caregivers to adults age 65 and older, only 30% say their care recipient has all three essential legacy planning documents in place, including a will, health care directive, and power of attorney. Additionally, 21% say their care recipient lacks sufficient financial resources to support themselves through this stage of life. Professional guidance can help close those gaps. Half of financial caregivers to adults 65 and older work with a financial advisor for their own finances, and 44% of those first engaged one because of their caregiving responsibilities. Of those who work with an advisor, 96% say that support has been at least somewhat helpful, including 55% who say it has been extremely helpful. "Caregiving deserves the same level of planning many families already devote to retirement, education and other major life events," said Cella. "Talking early about finances, long-term care wishes and who may take on different responsibilities can give families more choices when care is needed. A financial advisor can also help caregivers understand how supporting a loved one may affect their own goals and build a plan that accounts for both." To learn more or to download the full report visit www.edwardjones.com/caregiving. FAQ: Key findings from The Financial Impact of Caregiving
Frequently asked questions What is The Financial Impact of Caregivingreport? How many people in the U.S. are financial caregivers? What does "financial caregiving" mean? How much do financial caregivers spend out of pocket? How much time does financial caregiving require? What is the "generosity paradox" that the research identifies? How does caregiving affect women differently from men? What is a "sandwich caregiver"? How does caregiving affect caregivers to adults with disabilities? How often do financial caregivers plan the role ahead of time? How can families prepare for the financial impact of caregiving? How does working with a financial advisor help caregivers? About the Research As part of the investigation, The Harris Poll fielded an online representative survey of 3,223 U.S. adults 18+ and 2,152 Canadian adults 18+ who are financial caregivers to adults aged 65+ or adults aged 18-64 with disabilities. The survey was conducted from May 13 to June 9, 2026. Data from each survey were weighted where necessary to align with their actual proportions in the population. About Edward Jones *2026 JD Power U.S. Full Service Investor Satisfaction Study among Wealth Management Firms for Advised Investor Satisfaction, published March 2026, data as of January 2026. Compensation provided for using, not obtaining, the ranking. About Age Wave About The Harris Poll This report is provided for educational and informational purposes only and should not be considered investment, legal, tax, estate-planning, or financial advice. Findings are based on participant responses and may not be representative of every caregiver's experience.
SOURCE Edward Jones | ||
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