AlzU Blog

Studies Indicate Financial Stress for Family Caregivers has Increased Due to Recession

One of the most challenging issues faced by family caregivers and seniors in general is the economic challenge - particularly considering the recent recession. The economic downturn has had a huge impact on many family budgets when it comes to managing Alzheimer’s Disease (AD).  After helping to financially support their loved ones with AD, many caregivers find it difficult to afford their own living expenses.  Some caregivers have even resorted to taking on additional part-time jobs in order to make ends meet.  There are many helpful online resources designed to help seniors and caregivers cope with the increasing financial demands and healthcare expense that come along with living with Alzheimer’s Disease. 

Studies on Financial Stress for Family Caregivers

According to recent studies, the recession has negatively impacted family caregiving when it comes to financial stress.  According to one study, as many as 43% of caregivers taking the survey reported taking a pay cut as a result of the recession and 50% say they have used up nearly all of their savings.  One in every 6 individuals surveyed said they had lost their job or been laid off due to the recession.  In the study, an astounding 60% of caregivers surveyed reported that an increase in spending to help their care recipients resulted in difficulty paying for their own cost of living expenses. Half of all of the participants in the study said that overall the economic downturn has resulted in feeling more unsure about their capability of caring for their loved one with Alzheimer’s Disease.  The statistics are quite telling when it comes to getting a picture of family caregivers willing to put their own financial well-being on hold in order to provide for their loved ones. 

One solution for caregivers is to hire respite care in order to carve out enough time to continue working. See this to read an article in Caregivers’ Corner on finding respite care with online resources.  Take our inclusive 25 topic caregivers’ course by CLICKING HERE to learn more about Alzheimer’s Disease.

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