So what are some of the hidden costs of informal care giving?

According to the Canadian Academy of Senior Advisors, working caregivers in Canada are growing in numbers — and employees and companies are both feeling the impact.

• 77% of family caregivers are women.
• The average women can expect to spend 17 years caring for a child and 18 years caring for a parent.
• Of the informal caregivers in Canada, 77% of males and 63% of females have full time jobs.
• Reduces taxes to the extent possible, in some cases by creating testamentary trusts for beneficiaries who are in higher tax brackets.
• 1 in 4 caregivers say their employment has been affected.
• 19% of those employed report ‘significant disruption’.
• 33% report ‘some disruption’.
• 66% report that employers help them balance their care giving responsibilities.
• Working-caregivers, who are juggling care responsibilities plus work duties, cost Canadian employers $16 billion per year.
• 15% of caregivers admit to having physical or emotional health problems directly related to care giving.
• Caregivers have a 63% higher death rate than other people their age.
• Reduced availability for work, results in lower earnings often over an extended period of time, which results in lower savings rates, and often earlier retirement than planned, due to health failure.
• Reduced work life, results in a substantial decrease in retirement savings and a longer period that those savings will be needed.
• Burnout, stress related illnesses and lower retirement savings accounts result in a reduced quality of life for the caregiver.
• The evidence is clear that the costs of care giving are rising and will increasingly become our own responsibility. Whereas many people feel an “obligation” to look after their elders, it is often financially, emotionally, and physically taxing on the individuals and the economy in general.

There is an entirely separate discussion on how to plan for and finance elder care, one of the obvious solutions is private home health care. A growing trend and one that has proven to be both cost effective and extremely beneficial, home health care allows the recipient to customize the amount and type of care that they get. In many cases, the home health care provider is part of the team of family care givers, providing supervision, respite and higher level care in conjunction with family and friends, therein helping seniors stay happy, healthy and at home.

This report specifically written and published by David Russell, a Certified Senior Advisor and a Certified Financial Planner, and a managing partner with Nurse Next Door Home Health Care Services. www.nursenextdoor.com It is presented as a general source of information only, and is not intended as a solicitation for services. . ©Nurse Next Door, Comments or questions – David Russell at Nurse Next Door (Kelowna) – (250) 450.9750 or by email kelowna@nursenextdoor.com