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One-Third of Some Current Caregivers' Monthly Budgets Is Spent on Expenses
Northwestern Mutual ConsumerFeature
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READER SCRIPT
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AS LIFESPANS KEEP INCREASING, MORE AMERICANS ARE BECOMING CAREGIVERS FOR ELDERLY RELATIVES--AND MANY AREN'T PREPARED FOR THE FINANCIAL- AND LIFESTYLE-IMPLICATIONS. ACCORDING TO "NORTHWESTERN MUTUAL", CAREGIVING CAN BE VERY REWARDING--BUT MANY UNDERESTIMATE THE PRESSURES. IN ITS NEW "CARE STUDY", ONLY A QUARTER OF CURRENT CAREGIVERS SAID THAT FINANCIAL-SUPPORT IS A KEY PART OF CAREGIVING--YET NEARLY TWO-THIRDS ENDED UP PROVIDING IT. IN FACT, CAREGIVING-COSTS, FOR SOME, WERE A THIRD OF THEIR MONTHLY BUDGET--REQUIRING THEM TO CUT EXPENSES, OR TO WORK MORE. OF THOSE EXPECTING TO PROVIDE CARE IN THE FUTURE, SIX-IN-10 SAID THAT THEY'RE NOT READY FOR THE FINANCIAL-IMPACT. WHY IS THIS IMPORTANT? A PROACTIVE STRATEGY TO ADDRESS POTENTIAL EXPENSES HELPS TO RELIEVE STRESS--AND BRINGS CONFIDENCE TO UNPREDICTABLE CIRCUMSTANCES. FOR MORE ABOUT THE "CARE STUDY", VISIT "NORTHWESTERN-MUTUAL"-DOT-COM.
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