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PERSONAL FINANCE
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?
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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Sara Sefcovic
New York Life Insurance Company
(212) 576-4499
Sara_M_Sefcovic@newyorklife.com