The American Bankers Association defines financial caregiving as managing another person’s finances due to changing life circumstances such as age, disability, or illness. For Financial Wellness Month, let’s review some financial considerations that caregivers should know. When we think of caregiving, the first association of caregiving is answering the physical, cognitive, and emotional needs of the people we care for. For many, caregiving overlaps with other important aspects of life, like financial well-being. In the United States, 48 million family caregivers provided $600 billion in unpaid care in 2021. According to an AARP study, on average, family caregivers spend 26% of their income on caregiving activities like housing, medical, and household expenses for their loved ones' care. Even if this may not affect your caregiving situation, this information may prepare you for future decisions involving you and your loved one’s financial well-being.
The University of Arizona
- Flexible Spending Accounts (FSA)
- Childcare Choice
- Back-Up Care
- Financial Resources
- ComPsych Legal Connect
- Individual Caregiving Consultations
Community Resources
Area agencies on aging serve as a foundation to understand what is available in your community with any caregiving and care. Some agencies may have some level of financial support or assistance available. If not, most area agencies on aging will offer resources in the community that may assist you with your financial caregiving.
Information can be a source of power, better control, and more options.