Ninety-Two Percent of Caregivers Are Financial Caregivers – Coordinating and Managing Finances for Loved Ones, and Spending $190 Billion on Them Annually
A Merrill Lynch study, conducted in partnership with Age Wave, finds that the 40 million1 family caregivers in the U.S. spend $190 billion per year on their adult care recipients.
Family caregivers are America’s other social security, providing the bulk of long-term care today. The aging of the baby boomers will result in unprecedented numbers of people in America needing care. As a caregiving crunch is upon us, “The Journey of Caregiving: Honor, Responsibility and Financial Complexity” offers an in-depth look at Americans’ financial and emotional journeys during this life stage.