In a survey we recently performed, just over a third of caregivers felt their professional wellness was impacted by their caregiving duties, and over half felt caregiving has impacted aspects of wellness that contribute most heavily to overall personal wellness – mental, financial, and social.
Caregiving can be stressful and emotionally draining. It can be lonely. And it impacts the budget -- all of which can impact one’s overall mental health.
Being a sole caregiver is mentally taxing, and when you’re committed to taking care of someone, you don’t always have time for yourself.
Millennial, female
The financial responsibility and making all the decisions on bills is lonely.
Gen X, female
Our individual solutions can help ease the burden on today’s caregivers – and help them be prepared for their future.
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According to AARP, nearly 7 in 10 caregivers have made at least one personal sacrifice due to caregiving.
The demands of caregiving can leave little time for other activities. Caregivers report they’ve found it difficult to make time for:
Not being able to rest or have 'me time.' Not having time in my day to really be alone or just do something as simple as watch a movie or sit down to eat. I eat standing up and doing other things in between bites.
Millennial, female, multi-racial/multi-ethnic
Caregiving requires navigating unique and challenging emotional situations and struggles, which can diminish mental and social wellness.
Emotional struggles caregivers face:
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Never knowing when the last day will be. Some days it’s hard because you want to be honest in your emotions and you can’t.
Gen Z, female
Sometimes I have to navigate difficult mood swings and difficult emotions.
Gen X, male
I find it challenging to see my loved one struggle to do things they normally do before. Seeing them deteriorate breaks me.
Millennial, male
Many say their financial situation has become more strenuous due to being a caregiver — primarily due to providing for more family members and missing work.
Financial challenges come from:
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I have decreased my workload to 4 days a week to work 32 hours to help with more of my sister’s appointments. This has drastically decreased financial abilities.
Millennial, male
I have had to buy unexpected things that are not in my budget to make sure she has what she needs.
- Millennial, male, multi-racial/multi-ethnic
Missing work or working less has placed my finances in a worse condition than they would be in otherwise.
Gen Z, male
Cut back on trips or vacations
Cut back on going to the doctor themselves
Cut back on eating out, take-out and delivery
Cut back on groceries
Cut back on household personal supplies
Cut back on children's education
Being a caregiver isn’t solely defined by its challenges — many caregivers also report they are grateful for the opportunity to care for a loved one. Being prepared to become a caregiver — and all the highs and lows that come with the role — can make a crucial difference in improving the wellbeing of the caregiver and their loved ones.
Unless otherwise noted, all statistics are from the Securian Financial proprietary survey conducted in February 2024.
DOFU 9-2024
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