Women and Caregiving Go Hand-in-Hand

Most women can handle tough talks with those they love. They’re also more likely than men to fill the role of family caregiver ¹  — by choice or by default. This is why it’s so surprising that even though 97% of women feel it’s important to have long-term care conversations, only 12% have discussed it. ¹ 

The Impact of Caregiving on Women

Women make many sacrifices when they become a caregiver for a parent, spouse or loved one. First is the financial sacrifice, with female caregivers losing an average of $325,000 over their lifetime due to lost wages and less working hours. ¹ Then, there’s the emotional toll caregiving has on women, with 82% saying they had no idea how demanding the role would be. ¹

Now, let’s think about the most precious thing we all have — time. When a woman takes on the role of caregiver, it takes time away from other important activities in her life, such as self-care, sleep and vacations. ² And, we haven’t even touched on care expenses and who/how they’ll be paid. Thankfully, there are opportunities for financial professionals to help lessen the stress on women and their families.

Put a Plan in Place

Clients can look to their financial professionals to discuss long-term care planning. With a plan in place, they can feel more confident about their financial future. For women, this is a topic that should be brought up sooner rather than later because in addition to their heightened chances of becoming a caregiver — thanks to longevity — they’re also more likely to need caregiving than men. ¹

Consider a hybrid long-term care solution. These solutions help protect you and your loved ones by providing a tax-efficient funding source for long-term care expenses. They also allow you to design a solid plan you can customize based on your needs and budget. By planning ahead for long-term care, you’re getting peace of mind in knowing your family won’t have to guess about your care preferences — or become your caregiver.

Are You Ready to Take the Next Step?

Schedule a meeting with our financial professionals. They have extensive experience in planning for long-term care and can provide a wealth of knowledge and show you a variety of planning options.

¹Lincoln Financial Group, “We know you think about it. Now it’s time to talk about it.” 
²Versta Research, “Advisor and Consumer LTC Survey,” October 2020.

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