RICHMOND, Va., Oct. 1, 2015 /PRNewswire/ -- Providing care for loved ones has taken a toll on the careers of half of caregivers surveyed in Genworth's latest Beyond Dollars study, with 11 percent actually losing their jobs and another 10 percent having to change careers. That's in addition to the other financial, physical and emotional impacts of caregiving examined in the study.
Genworth released the survey findings today during its annual Long Term Care Symposium on Capitol Hill, which brought together many of the nation's leading caregiver advocates and lawmakers to highlight the challenges of caregiving and explore ways to make that job easier on families. Caregiving responsibilities may include helping with activities such as bathing, dressing and household chores.
Among caregivers surveyed in the study, 51 percent felt that caregiving responsibilities negatively impacted their ability to perform their jobs. That's not surprising considering these findings:
- 77% reported missing some work during the past year, up 19% from when caregivers were surveyed by Genworth in 2010
- Caregivers missed an average of 7 hours of work per week
- 19% missed 10 or more hours of work per week
As a result of their caregiving responsibilities:
- 11% lost their jobs
- 10% had to change careers and
- 12% had to change positions
Absences, reduced hours and chronic tardiness also translated into a significant reduction in caregivers' paychecks. Approximately one-third of caregivers provided 30 hours or more of care a week. And, on average, caregivers reported having lost one-third of their income.
"Although caregiving brings many rewards, it can also have very real negative consequences for families who haven't planned ahead for the possibility of their loved ones needing long term care," said Suly Salazar-Layton, director of Thought Leadership at Genworth's U.S. Life Insurance Division. "In fact, 50 percent of respondents said if they could do anything differently, it would be to do a better job of planning. Our hope is that this study will encourage families to sit down and have that talk well before caregiving becomes a crisis."
The Denial Factor
The study also highlights several factors contributing to respondents' reluctance to plan early. Two of the biggest factors cited were "not wanting to admit care was needed" and "not wanting to talk about the issue" (cited by 30 percent and 25 percent, respectively). Overall, caregivers who planned earlier for long term care arrangements saved money. For instance, caregivers providing care to recipients who had long term care insurance were able to secure a reimbursement of 23 percent of their qualified out-of-pocket expenses.
"It's not easy to admit when there is an issue, especially when it comes to matters of declining health, and it's not always easy broaching the topic of long term care with the people you love," said Salazar-Layton. "But meeting the challenge with action – speaking with your loved ones and meeting with a financial professional – does make things easier in the long run for caregivers and care recipients."
Beyond Dollars found that almost half of care recipients (48 percent) had considered the possibility of a need for long term care, but only one-quarter of this group (26 percent) had actually made a plan to cover their potential needs. Even planners felt they could have been better prepared: 63 percent of this group believed they should have taken steps sooner, which would have led to reduced stress.
Fortunately, there are many available resources to help individuals and families develop a long term care plan, but the first and most important step is to simply start the conversation. And there's help for that, too.
Additional Resources
- Consumers can find out what the cost of care is in 440 regions across all 50 states by visiting Genworth's Cost of Care website.
- Genworth's Let's Talk website offers tips for initiating conversations about long term care and financial planning with loved ones.
- Consumers looking to plan for their long term care needs can tap additional resources such as the National Advisory Center for Long Term Care Information www.longtermcareinsurance.org.
- Genworth's Caregiver Support Resource helps families make informed choices about long term care.
About the Study
The study, conducted by Genworth in conjunction with Directive Analytics, a third party survey administrator, in May 2015, included interviews with 1,200 U.S. consumers 21 years of age or older. Respondents either were recipients of long term care, caregivers or had a family member that was a recipient of care greater than 30 days during the previous 12-month period.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company committed to helping families become more financially secure, self-reliant and prepared for the future. Genworth has leadership positions in mortgage insurance and long term care insurance and product offerings in life insurance and fixed annuities that assist consumers in solving their home ownership, insurance and retirement needs. To help families start "the talk" about their futures and long term care planning, Genworth recently completed the first stage of its national #Lets Talk Tour to encourage conversations and information sharing. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com.
From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com. From time to time, Genworth's publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth Mortgage Insurance Australia Limited, separately release financial and other information about their operations. This information can be found at http://genworth.ca and http://www.genworth.com.au.
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SOURCE Genworth Financial, Inc.