The responsibility of caregiving often falls on women. According to the latest available stats, an estimated 66% of caregivers are female, and female caregivers may spend as much as 50% more time providing care than male caregivers. While the time needed to dedicate to care — an average of 20 hours per week — is something women need to consider before taking on this role, they also need to consider the financial implications.
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In this “Financially Savvy Female” column, we’re chatting with Arvette M. Reid, client services director of Lifecare Affordability Plan, about the financial aspects women need to take into account before committing to becoming a parent’s caregiver, as well as what their other options may be.
What money matters should women consider before taking on the role of caregiver to an aging parent/parents?
You may want to take on a caregiver role, or it may be a decision of last resort before hiring a professional caregiver. No matter your situation, one of the first decisions to make invariably involves the choice about continuing full- or part-time work while caregiving.
Studies have shown a cumulative lifetime earnings gap for women partly due to lower salaries and time spent out of the workforce to care for children, aging parents or ill…
