Game Plan for Care: Genworth Shares Caregivers' Top 5 Lessons Learned
Amid career- and money-related concerns, study uncovers practical advice for would-be caregivers
Amid career- and money-related concerns, study uncovers practical advice for would-be caregivers
RICHMOND, Va., Nov. 19, 2015 /PRNewswire/ -- Plan Better. That's the No. 1 piece of advice caregivers shared as they reflected on the challenges of navigating their roles without the proper resources and planning, according to Genworth's recent Beyond Dollars study.
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Genworth is sharing the treasure-trove of advice gleaned from more than 1,200 caregivers and care recipients this November as the nation observes Long Term Care Awareness and National Family Caregivers months.
"Our conversations with caregivers have unearthed a number of powerful storylines that will help families provide the best care experience for loved ones while safeguarding their own needs," said Suly Salazar-Layton, director of Thought Leadership at Genworth's U.S. Life Insurance Division. "As we recognize the undeniable strength, commitment and amazing spirit of caregivers this November and throughout the year, it was only fitting to curate and share these learnings."
The burden on caregivers continues to rise as they report missing 19 percent more work than they did when surveyed two years ago and paying 20 percent more in out-of-pocket expenses for care-related expenses compared with five years ago. As reported earlier, caregiving also can have a significant impact on careers.
In hindsight, more than half of caregivers and care recipients surveyed said they would have done things differently. Genworth collected the top five lessons learned in a playbook of actionable tips designed to help alleviate core financial and emotional roadblocks that many caregivers struggle to manage:
A Game Plan for Care:
"Caring for a loved one can be one of the most fulfilling things a person can do, but without proper planning and consideration it can bring undue stress to families and individuals," said Salazar-Layton. "As caregivers in this study so eloquently pointed out, proper planning can lessen the emotional and financial impacts on both caregivers and care recipients."
Additional Resources
About the Study
The study, conducted by Genworth in conjunction with Directive Analytics, a third party survey administrator, in May 2015, included interviews with 1,200 U.S. consumers 21 years of age or older. Respondents either were recipients of long term care, caregivers or had a family member that was a recipient of care greater than 30 days during the previous 12-month period.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company committed to helping families become more financially secure, self-reliant and prepared for the future. Genworth has leadership positions in mortgage insurance and long term care insurance and product offerings in life insurance and fixed annuities that assist consumers in solving their home ownership, insurance and retirement needs. To help families start "the talk" about their futures and long term care planning, Genworth recently completed the first stage of its national #LetsTalk Tour to encourage conversations and information sharing. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com.
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SOURCE Genworth Financial, Inc.
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