[News] The Economic Costs of Family Caregiving

Studies show that solutions to reduce the impact on the economy and on the financial lives of caregivers are needed.

More than a third of today's caregivers are employed full-time. They work various shifts and are responsible for caring for their loved ones. As these spouses, children and others take on caregiving responsibilities, public and workplace policies are needed to account for financial assistance or other support, such as family leave or allocated time off.

AARP Public Policy Institute recently released its new Valuing the Invaluable report about family caregivers' challenges. The report documented a "shadow economy," where unpaid family carers are the backbone of our nation's long-term care system.

According to this report, tens of millions of family carers provide 36 billion hours of care each year, valued at 600 billion dollars. That is more than ALL out-of-pocket health care spending in 2021. 

As the population ages and care needs continue to increase, the economic burden of informal care will continue to rise. In today's caregiving landscape, companies are grappling with unique challenges on how to implement organizational and system-based strategies to support family carers.

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