The Economic Effects of Caring for Adult Family Members

University Of New Hampshire, Durham NH

Investigators

Abstract

This project explores the effects of caring for adult family members on caregivers' economic well-being. In the US, nearly one in four people care for an adult family member, partner, or friend, and the number is expected to rise. Research has yielded a wealth of information on the health outcomes of providing care, but we know less about the economic ramifications of providing care. Drawing on nationally-representative, longitudinal data from the Health and Retirement Study, the project answers the following questions: How does caring for an elderly family member - a spouse or elderly parent - affect caregivers' employment decisions, earnings, savings, and wealth? Do the effects differ for men and women, and what are the sources of such differences? Do these different experiences have different effects on women's and men's employment decisions and economic outcomes? Do the effects differ by socioeconomic status? Do those with fewer resources, for example, take more time off from work and pay larger earnings penalties? There are a range of possible responses to caregiving dilemmas. This project explores these choices and their economic ramifications. The findings from this project enhance our understanding work, family, and aging. Insights gained through this project could aid in understanding how to provide support for caregivers and their care recipients. The project also includes graduate and undergraduate students in all phases of the research, which helps to produce the next generation of scientists and citizens who can meet the needs of our 21st century aging society.