What is Financial Caregiving?

Caregiver Awareness Month, observed every November, is a chance for communities to honor the millions of Americans who support those in need of assistance with their daily activities. In 2026, the spotlight is widening to include a crucial but often invisible part of caregiving: financial caregiving. Thanks to new research from Age Wave, Edward Jones and The Harris Poll, we now have a clearer picture of what financial caregiving looks like, what it costs and how families can prepare for this growing responsibility. 

Caregiving has always been a cornerstone of family and community life. Today, two in five American adults identify as caregivers and nearly half of those who aren’t yet caregivers expect to step into the role in the future. As lifespans increase and “health spans” lag behind, more older adults require support with daily living, medical needs and – critically – financial management. 

Financial caregiving includes tasks such as managing bills, navigating insurance, budgeting for care and often contributing personal funds to cover expenses. Age Wave’s research shows that more than 32 million U.S. adults serve as financial caregivers for someone age 65 or older, representing 81% of all caregivers for older adults. 

The latest Age Wave findings reveal several important truths:

• Financial caregiving is widespread and growing. As families become smaller and more geographically dispersed, more adults are taking on financial responsibilities for aging parents, spouses or relatives.
• The financial burden is significant. 91% of financial caregivers spend their own money each year, and 84% are not fully reimbursed, leaving them to cover an average of $8,737 annually out of pocket. These dollars often come from retirement savings, emergency funds or education accounts. 
• Time commitments are substantial. Financial caregivers provide an average of 109 hours of care each month – the equivalent of a part time job. Many juggle this alongside full time employment. 
• Caregiving is both meaningful and challenging. While 85% of caregivers say the role gives them purpose, many also report stress, burnout and difficulty maintaining their own wellbeing. 
• Most families are unprepared. Only 33% of financial caregivers say the role was planned or discussed ahead of time, and just 22% felt extremely prepared when caregiving began. 

In Los Angeles and across the country, families are navigating longer lifespans, rising care costs, and increasingly complex financial decisions. The new research underscores a simple truth: caregiving belongs in the financial conversation long before care is needed.

Financial caregiving affects not only the care recipient but also the caregiver’s longterm stability. Many caregivers reduce personal spending, cut back work hours or delay retirement contributions. These sacrifices, while made out of love, can have lasting consequences.

This November Caregiver Awareness Month is an opportunity to:

• Start family conversations early. Discuss expectations, financial responsibilities and care preferences before a crisis occurs.
• Connect caregivers to resources. Local senior centers, non-profit organizations and financial advisors can help families plan for care costs and navigate benefits.
• Recognize caregivers publicly. A simple “thank you” can go a long way in acknowledging the emotional and financial labor caregivers provide.
• Advocate for caregiver support. Policies that expand respite care, financial planning assistance and workplace flexibility can strengthen families and communities.

Caregiving – especially financial caregiving – is one of the most meaningful acts of love a person can offer. As recent research shows, it is also one of the least planned experiences we may have. This November, let’s honor caregivers by making their work visible, supporting their needs and encouraging thoughtful preparation for the caregiving journeys many of us will undertake. USC-VHH Community Resource Center for Aging can come alongside as one learns about our community’s longterm services and support. See listings at uscvhh.org/aging-resources, call (818) 949-4033 and/or email the team at Aging-Resources@med.usc.edu.