RICHMOND, Va., June 12, 2013 /PRNewswire/ -- According to recent data from Genworth men are taking an increasingly active role in caregiving. The data also shows the impact of long term care on caregivers and care recipients; money, time spent and emotional issues could be minimized if those involved take a more proactive role towards planning.
The data reveals that caregivers on average spend $8,080 on out-of-pocket expenses, with one-third providing 30 or more hours of care per week. In addition, more than half (58 percent) reported cutting into discretionary spending including eating out, new clothes or a new car because of caregiver responsibilities. Care recipients are also impacted as a result of their care needs with more than a third admitting to cutting back on family celebrations (36 percent) and basic needs like groceries (32 percent).
"The financial impact of caregiving is not the sole reason for making a plan," said Wendy Boglioli, National Spokesperson for Genworth. "Beyond dollars, there are emotional and even physical issues that caregivers and care recipients face that can often be avoided by simply having this critical conversation and by coming up with a care coordination plan should a long term care event occur. As the summer months kick off and with Father's Day, graduations and barbeques on the calendar, Americans will be spending a lot of time with their families. Family members can take advantage of these opportunities to initiate a conversation with loved ones about their long term care wishes, including who will be providing care and where that care will be given."
Study data also reveals that the role of caregiver, predominately held by women (52%), is seeing an influx of males (48%). The average caregiver is 49 years old and 61 percent are married and earning an average income of $67,900 a year. More than half (59 percent) are caring for a parent, and 44 percent were or are caregivers for three years or more.
"What's concerning about the statistics uncovered, is that the people who are often providing the care are at life stages where they also need to start thinking about their own care plans, but are not," Boglioli continued. "Now is that time. Lead by example. Sit with your loved ones and map out their care wishes in addition to how you would like to receive care, should the need arise, and how you will make it all work. It will help you and those who may need to care for you immensely in the long run."
In the coming months, Genworth will release the full study taking a deeper look into the challenges that caregivers and care recipients face. In the meantime, additional information and resources to help with creating a long term care plan can be found at Genworth's Let's Talk website. Let's Talk offers tips for initiating conversations about long term care, retirement and financial planning. Consumers can also get a weekly dose of reality on how to be "Financially Sound, Physically Strong" from Genworth's national spokesperson and Olympic Gold Medalist, Wendy Boglioli, at AskWendyB.
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth operates through three divisions: U.S. Life Insurance, which includes life insurance, long term care insurance and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other division, which includes the International Protection and Runoff segments and the wealth management business presented as discontinued operations. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, Inc., headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com. From time to time, Genworth Financial, Inc. releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com.
SOURCE Genworth Financial, Inc.
Tom Topinka, Genworth Financial, 804-662-2444, Thomas.Topinka@genworth.com; or Jessica Fuller, Prosek Partners, 212-279-3115 ext. 256, firstname.lastname@example.org