When we think about financial planning, we often think about saving for retirement, buying a home or preparing for unexpected expenses. But there is another important part of our financial future that families too often overlook—planning for care.
Family caregiving has become one of the most significant challenges facing American families today:
- 63 million Americans – about 1 in 4 adults – are family caregivers, providing ongoing care to an adult or child with a complex medical condition or disability. Over 51 million provide care to someone age 50 or older.
- Nearly 1 in 3 caregivers are caring for both children and an adult family member, creating the increasingly common “sandwich generation.”
- Nearly half of caregivers experience a significant financial impact from caregiving, including taking on debt, stopping savings, or struggling to afford basic needs.
- About 80% of family caregivers spend their own money on caregiving expenses, averaging more than $7,200 a year.
- Caregiving is not simply about helping with meals or transportation. More than 4 in 10 caregivers provide high-intensity care, and many are managing complicated medical and daily-care responsibilities.
These numbers tell us something important—caregiving isn’t just a healthcare-related issue. It’s a financial issue, a family issue and a planning issue.
The Tennessee and Mississippi Credit Union Association recognizes the importance of helping members and their families think ahead. The Association supports efforts that encourage thoughtful planning for future care needs—before a health crisis makes those decisions urgent.
And planning doesn’t have to mean predicting exactly what will happen. It means having conversations early, understanding your financial resources, considering who might provide care, and making sure important financial, legal and medical information can be accessed when it’s needed.
Save the Date
The Association will host a special virtual training on Thursday, Oct. 29, at 11 a.m. ET/10 a.m. CT in honor of November being National Family Caregivers Month. We discuss how credit unions can best serve members who are caregivers and help families prepare.
