New research uncovers the financial, emotional, and personal toll caring can take, while highlighting opportunities to plan ahead.
Key findings:
- Financial caregiving is widespread: 81% of caregivers for adults age 65 and older are involved in financial caregiving, a role currently filled by more than 32 million adults across the United States.
- Financial caregivers are spending substantial amounts of their own money: 91% of financial caregivers to adults 65 and older spend their own money on their care recipient each year. Most aren't fully reimbursed, leaving them to cover an average of $8,737 in caregiving expenses annually.
- Caregiving requires a significant time commitment: Caregivers to adults 65 and older provide an average of 109 hours of care each month, or roughly 3.6 hours per day.
ST. LOUIS, Oct. 14, 2026 /PRNewswire/ -- For millions of Americans, caring for a loved one means making difficult financial tradeoffs. A new study from Edward Jones, Age Wave and The Harris Poll found more than 32 million U.S. adults serve as financial caregivers for someone age 65 or older, and more than eight in 10 are willing to sacrifice their own financial security to support the person in their care.
These findings come from The Financial Impact of Caregiving report based on an online survey of more than 3,000 adult caregivers in May and June 2026.
"We commissioned this research to better understand the full impact financial caregiving has on individuals and families, including the costs that are often overlooked," said Ken Cella, Principal and Head of External Affairs at Edward Jones. "As families navigate longer lifespans and increasingly complex financial decisions, these findings underscore the importance of planning ahead and ensuring caregivers have access to the support and resources they need."
Caregiving often arrives without a plan and with an unexpected price tag
The financial strain is significant. Among financial caregivers to adults 65 and older, 91% spend their own money on the person in their care each year and 84% are not fully reimbursed - leaving them spending an average of approximately $8,737 annually out of pocket. For many, those dollars come from savings earmarked for something else: retirement, emergency savings, or a child's education fund.
The financial caregiving role is also often under-planned. Only 33% of financial caregivers say the role was planned and discussed ahead of time, and just 22% say they felt "extremely prepared" when financial caregiving began.
"Caregiving often becomes a financial responsibility before families have fully discussed what support may be needed or who will provide it," said Cella. "Caregivers often step into the role because someone they love needs them, but that generosity can come at a real cost. Having those conversations earlier and often can help caregivers make more informed decisions and help them better prepare to care for the people they love, without losing sight of their own long-term goals."
The hidden cost: More than 100 hours a month spent caring for loved ones
The time commitment is just as substantial. Family caregivers to adults 65 and older spend an average of 109 hours a month providing care of all types, roughly 3.6 hours every day. For nearly three-quarters (73%) who are also employed, that means balancing about 100 hours of caregiving each month alongside a job; a juggling act that underscores the role employers can play in helping people meet responsibilities at home and at work.
Employer caregiving benefits are both highly desired and widely used. Among 68% of employed financial caregivers to adults 65 and older who say they are offered caregiving benefits, 92% take advantage of them. Time-related benefits - flexible hours, hybrid or remote work and unpaid leave - are the most offered and used, while financial benefits are the most desired.
Nearly half (46%) of financial caregivers to adults 65 and older are also "sandwich caregivers," caring for an older adult while also providing support for their children, regardless of age. For them, the financial and emotional load can compound, making it even harder to protect their own financial future while providing for the people who depend on them.
Caregivers are sacrificing savings, retirement and their own well-being
The financial weight of caregiving ripples into nearly every corner of a caregiver's life. Among financial caregivers to adults 65 and older, 82% report at least one major lifestyle impact: cutting personal spending, spending less time with family and friends, relocating themselves or their care recipient, delaying major purchases, or putting off their own medical care.
For some, the strain turns into debt, with 25% reporting having to borrow money, increase their personal debt or delay repaying it, and 38% have stopped or reduced their saving. The toll also reaches retirement: 18% have reduced or paused retirement contributions.
The burden also falls unevenly. Women are more likely than men to stop or reduce saving (42% vs. 35%) and are less confident they will have enough money for retirement and long-term care (71% vs. 84%).
Women also spend an average of 118 hours per month on caregiving, compared with 98 hours for men. They are also more likely to say caregiving is more stressful than anticipated (76% vs. 68% of men) and that they feel overwhelmed by their responsibilities (61% vs. 51%).
The generosity paradox - greater purpose, greater personal sacrifice
The research reveals a striking tension at the heart of caregiving: 87% of financial caregivers to adults 65 and older say they do not want to become a caregiving burden on their own families, yet 81% are willing to reduce their own financial security to support the person in their care.
Caregivers to adults with disabilities face distinct pressures. They are more likely to make direct financial contributions (69% vs. 57%) and personal financial sacrifices (64% vs. 49%), and more likely to say caregiving has been bad for their own health (63% vs. 43%).
Yet across both groups, caregivers consistently point to the meaning the role brings. Among caregivers to adults 65 and older, 85% say caregiving gives them a sense of purpose and fulfillment.
"Caregiving is filled with contradictions. It can be stressful, expensive, and overwhelming, while also being one of the most meaningful roles a person takes on," said Ken Dychtwald, Ph.D., Founder and CEO of Age Wave. "Caregivers are making extraordinary commitments with their time, energy and money, yet the vast majority say the experience gives them a sense of purpose and fulfillment. Supporting caregivers means recognizing both what they gain from the role and what they give up fulfilling it."
The best time to talk about caregiving is before care is needed
Caregiving may be difficult to predict, but families can take steps to prepare for its financial impact. Of those surveyed, only 33% said their caregiving role was planned for and discussed ahead of time. Financial caregivers to adults age 65 and older recommend preparing early by organizing their own financial and legacy plans and starting conversations with family members before care is needed.
Given the planning gaps many caregivers encounter, this preparation matters. Among financial caregivers to adults age 65 and older, only 30% say their care recipient has all three essential legacy planning documents in place, including a will, health care directive, and power of attorney. Additionally, 21% say their care recipient lacks sufficient financial resources to support themselves through this stage of life.
Professional guidance can help close those gaps. Half of financial caregivers to adults 65 and older work with a financial advisor for their own finances, and 44% of those first engaged one because of their caregiving responsibilities. Of those who work with an advisor, 96% say that support has been at least somewhat helpful, including 55% who say it has been extremely helpful.
"Caregiving deserves the same level of planning many families already devote to retirement, education and other major life events," said Cella. "Talking early about finances, long-term care wishes and who may take on different responsibilities can give families more choices when care is needed. A financial advisor can also help caregivers understand how supporting a loved one may affect their own goals and build a plan that accounts for both."
To learn more or to download the full report visit www.edwardjones.com/caregiving.
FAQ:
Key findings from The Financial Impact of Caregiving
- Financial caregiving is widespread: More than 32 million U.S. adults provide financial caregiving for a loved one age 65 and older, representing 81% of all caregivers to adults 65 and older.
- The out-of-pocket cost is significant: Among financial caregivers to adults 65 and older, 91% spend their own money each year, and 84% of those caregivers are not reimbursed, leaving them spending an average of $8,737 annually out of pocket.
- The time commitment is substantial: Family caregivers to adults 65 and older spend an average of 109 hours per month providing care of all types, roughly 3.6 hours every day.
- Most caregiving roles are unplanned: Only 33% of financial caregivers say they planned and discussed the role ahead of time, and just 22% felt "extremely prepared" when caregiving began.
- The generosity paradox: Among financial caregivers to adults 65 and older, 87% don't want to become a burden on their own families, yet 81% are willing to sacrifice their own financial security to support the person in their care.
- The burden falls unevenly: Women spend more time caregiving (118 hours vs. 98 hours for men), are more likely to have stopped or reduced saving (42% vs. 35%) and feel less confident about retirement and long-term care readiness (71% vs. 84%).
- Sandwich caregivers face compounding demands: Nearly half (46%) of financial caregivers to adults 65 and older also provide support for their own children.
- Most find meaning in the role: Among caregivers to adults 65 and older, 85% say caregiving gives them a sense of purpose and fulfillment.
- Planning gaps are common: Only 30% of care recipients have all three key legacy documents in place -- a will, a health directive and a power of attorney -- and 21% lack sufficient financial resources for this phase of life.
Frequently asked questions
What is The Financial Impact of Caregiving report?
The Financial Impact of Caregiving is a research report from Edward Jones, Age Wave and The Harris Poll that draws on an online survey of more than 3,000 adult caregivers. It examines the financial, emotional and time-related challenges that come with caring for a loved one age 65 or older.
How many people in the U.S. are financial caregivers?
More than 32 million U.S. adults currently provide financial caregiving for a loved one age 65 and older, representing about 81% of all caregivers to adults 65 and older.
What does "financial caregiving" mean?
Financial caregiving involves taking on responsibilities such as managing a loved one's
Finances and legacy affairs, contributing your own money or making financial sacrifices to help provide care. Among caregivers to adults 65 and older, 81% take on these financial responsibilities.
How much do financial caregivers spend out of pocket?
Among financial caregivers to adults 65 and older, 91% spend their own money on the person in their care each year, and 84% of caregivers are not fully reimbursed -- averaging $8,737 annually out of pocket. For many, those dollars come from savings earmarked for retirement, emergencies, or a child's education.
How much time does financial caregiving require?
Financial caregivers to adults 65 and older spend an average of 109 hours a month providing care -- roughly 3.5 hours every day. Among the 73% who also hold jobs, that means balancing about 100 hours of caregiving each month alongside work.
What is the "generosity paradox" that the research identifies?
The generosity paradox describes a striking tension at the heart of caregiving: 87% of financial caregivers to adults 65 and older say they don't want to become a caregiving burden on their own families, yet 81% are willing to reduce their own financial security to support the person in their care.
How does caregiving affect women differently from men?
Women spend an average of 118 hours per month on caregiving, compared with 98 hours for men. They're more likely to say caregiving is more stressful than anticipated (76% vs. 68% of men), more likely to feel overwhelmed (61% vs. 51%), more likely to have stopped or reduced saving (42% vs. 35%) and less confident about having enough money for retirement and long- term care (71% vs. 84%).
What is a "sandwich caregiver"?
A sandwich caregiver is someone caring for an older adult while also providing support for their children, regardless of age. Nearly half (46%) of financial caregivers to adults 65 and older are sandwich caregivers, and for them the financial and emotional load can compound.
How does caregiving affect caregivers to adults with disabilities?
Caregivers to adults with disabilities are more likely to make direct financial contributions (69% vs. 57%) and personal financial sacrifices (64% vs. 49%), and more likely to say caregiving has been bad for their own health (63% vs. 43%). Yet 89% say caregiving gives them a sense of purpose and fulfillment.
How often do financial caregivers plan the role ahead of time?
Only 33% of financial caregivers say they planned and discussed the role ahead of time, and just 22% felt "extremely prepared" when caregiving began. Most caregivers step in because someone they love needs them, often without warning.
How can families prepare for the financial impact of caregiving?
Financial caregivers recommend starting early, getting their own financial and legacy affairs in order and beginning conversations with potential care recipients and other family members before care is needed. It also helps to ensure care recipients have key legacy documents in place -- a will, health directive and power of attorney.
How does working with a financial advisor help caregivers?
Half of financial caregivers to adults 65 and older work with a financial advisor for their own finances, and 44% of those first engaged one because of their caregiving responsibilities. Of those who work with an advisor, 96% say that support has been at least somewhat helpful, including 55% who say it's been extremely helpful. A financial advisor can help caregivers understand how supporting a loved one may affect their own goals and build a plan that accounts for both.
About the Research
The study was conducted by Age Wave on behalf of Edward Jones in partnership with The Harris Poll. After a thorough review of secondary research, we conducted qualitative research with financial caregivers through online focus groups and an online bulletin board.
As part of the investigation, The Harris Poll fielded an online representative survey of 3,223 U.S. adults 18+ and 2,152 Canadian adults 18+ who are financial caregivers to adults aged 65+ or adults aged 18-64 with disabilities. The survey was conducted from May 13 to June 9, 2026. Data from each survey were weighted where necessary to align with their actual proportions in the population.
About Edward Jones
Edward Jones is a leading financial services firm serving clients across North America, with operations in the United States and Canada. It ranked No. 1 for advised investor satisfaction among 23 wealth management firms in the JD Power 2026 U.S. Investor Satisfaction Study*. More than 20,000 financial advisors serve over 9 million clients, with $2.6 trillion in client assets under care as of June 26, 2026. Edward Jones' purpose is to partner for positive impact to improve the lives of its clients and colleagues, and together, better our communities and society. Through the dedication of the firm's approximately 55,000 associates and our branch presence in 68% of U.S. counties and all Canadian provinces, Edward Jones is committed to helping improve the financial fulfillment for tens of millions of long-term investors across North America by providing comprehensive, personalized planning and professional advice. The Edward Jones website is at www.edwardjones.com, and its recruiting website is www.careers.edwardjones.com. Member SIPC.
*2026 JD Power U.S. Full Service Investor Satisfaction Study among Wealth Management Firms for Advised Investor Satisfaction, published March 2026, data as of January 2026. Compensation provided for using, not obtaining, the ranking.
About Age Wave
Age Wave is the nation's foremost thought leader on population aging and its profound business, social, financial, healthcare, workforce, and cultural implications. Under the leadership of co-founders Ken Dychtwald, PhD, and Maddy Dychtwald, Age Wave has developed a unique understanding of new generations of maturing consumers and their expectations, attitudes, hopes, and fears regarding their longer lives. Since its inception in 1986, the firm has provided breakthrough research, compelling presentations, award-winning communications, education and training systems, and results-driven marketing and consulting initiatives to over half the Fortune 500. For more information, please visit www.agewave.com. (Age Wave is not affiliated with Edward Jones.)
About The Harris Poll
The Harris Poll is one of the longest-running and most respected surveys in American history, tracking public opinion, corporate reputation, and brand health since 1956. As part of Stagwell, The Harris Poll delivers research, analytics, and measurement solutions to some of the world's leading brands. With a global research reach of more than ninety countries, The Harris Poll offers advisory services across sectors to world leaders, CEOs, and business decision-makers with state-of-the-art analytics, real-time software services, and practitioners in marketing, reputation, customer experience, trends, futures, and thought leadership/research-for-public release. The Harris Poll translates shifting social sentiment into a competitive marketplace advantage. The Harris Poll is a Stagwell (NASDAQ: STGW) company. (The Harris Poll is not affiliated with Edward Jones.)
This report is provided for educational and informational purposes only and should not be considered investment, legal, tax, estate-planning, or financial advice. Findings are based on participant responses and may not be representative of every caregiver's experience.
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