We understand that looking after your parents is a privilege that is a part of life but AARP wanted to put a price tag on the cost of your care.
The result? Just around $450 BILLION in 2009, which is more than Wal-Mart’s annual sales for the same year. That’s a lot of mark-downs, folks. And it’s a 21 percent increase ($75 billion more) from our last study in 2007.
Approximately 62 million (or one of four) Americans provided care to a loved one in 2009. Who are these caregivers? Well:
- ∙ The “average” caregiver is a 49-year-old woman who works outside the home.
- ∙ She spends nearly 20 hours per week providing unpaid care to her mother over the course of nearly five years.
- ∙ Almost two-thirds of family caregivers are women.
- ∙ More than eight in 10 are caring for a relative or friend age 50 or older.
- ∙ Caregivers in the U.S. just about equal the combined population of California and Texas.
By the way, this is $450 billion in uncompensated care.