The unpaid work provided by family caregivers is valued at an estimated $600 billion, according to the latest report in AARP’s Valuing the Invaluable series. This is a $130 billion increase in unpaid contributions from family caregivers since the last report was released in 2019. The economic impact of $600 billion is more than all out-of-pocket spending on health care in the U.S. in 2021.
This report highlights trends in family caregiving, explores the growing scope and complexity of family caregiving, and discusses actions needed to address the financial, social, and emotional challenges of caring for parents, spouses, and other loved ones.
By 2034, adults age 65 and older will outnumber children under the age of 18 for the first time. The share of available family caregivers is projected to continue shrinking relative to the number of older adults who will potentially need long-term care. In addition, family caregivers will continue to face the dual demands of employment and caregiving responsibilities, which often include caring for an older adult and children simultaneously.
The report also includes state estimates with AARP calculating that there are 780,000 family caregivers providing 730 million hours of care at a value of more than $15 billion.
For more information, see the full report here.