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PERSONAL FINANCE
New York Life Wealth Watch survey offers coping tips to caregivers.
New York Life | July 2, 2024
These key self-care tips might help make a difference in the lives of those caring for others.
Caregiving for a loved one can be just as challenging as it is rewarding. It’s critical for caregivers to take extra care of themselves and their financial goals when looking after a loved one — despite the extra strain that caregiving can create.
Our latest New York Life Wealth Watch survey found that caregiving impacts all areas of our lives, including our finances. In fact, our study found 31% of employed caregivers report that they often must take off work to care for their loved ones. Those who took time off work in the past year to tend to caregiving responsibilities report taking eight days off on average. With employed caregivers reporting an average yearly household income of $84,271.10, this results in an average of $2,593 in lost pay this past year.
What can you do?
- Seek support: Caregivers don’t have to go it alone, and friends, family, and even workplace benefits may be available to you for help. Don’t be afraid to lean on your community for support.
- Focus on your mental health: Caregiving often means juggling numerous responsibilities every day. Ensure you carve out time – even just a few minutes a day – to reconnect with yourself.
- Make time to focus on your financial health: It may feel impossible sometimes, but consistent focus on your financial plan – even if it is a 20-minute check-in once a month – can make a world of difference. Remember to take care of yourself as you are caring for another.
- Explore financial assistance programs: Look into government programs and non-profit organizations that offer financial aid for caregivers.
- Communicate with your employer: Discuss your caregiving responsibilities with your employer to explore options like flexible work hours or remote work opportunities.
- Plan for the future: Consider long-term financial planning, including savings, insurance, and estate planning, to ensure that both you and your loved ones are financially secure.
Managing the responsibilities of being a caregiver can be overwhelming, but with the right strategies and support, you can maintain both your well-being and financial health.
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Media contact
Sara Sefcovic
New York Life Insurance Company
(212) 576-4499
Sara_M_Sefcovic@newyorklife.com