Long-Term Caregivers Lose Money, Opportunities: Genworth Study

Anyone who's been a caregiver for someone in need of long-term care already knows this is true, but a new study released Sept. 30 by Genworth Financial (NYSE:GNW) confirms it: caregivers suffer from stress, lose job opportunities and sometimes jobs as well, and may have more disputes with other family members.

Beyond Dollars: The True Impact of Long Term Caring looks at a number of factors faced by family caregivers: the impact of providing care on their financial well-being (savings and retirement contributions); their professional lives (lost job opportunities, increased absenteeism; lost time at work); and the pressure on relationships (less time with family members; tension between caregiver and spouse, siblings, and children). The toll, as might be expected, is high: more than four out of every 10 primary caregivers experience an increase in stress with their spouse and nearly three in ten report stress with siblings.

According to Colleen Goldhammer, senior vice president of financial institutions distribution at Genworth, "Too often the cost of long-term care is measured simply in dollar terms, not taking into account the many other ways that it can impact a family." In a statement, Goldhammer called the new study "one of the most comprehensive studies of its kind, uncovering many of the often overlooked costs associated with a long-term care event."