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Beyond Dollars: Caregivers Face Career Crisis Resulting from Lack of Long Term Care Planning, According to Genworth Study

RICHMOND, Va., Oct. 1, 2015 /PRNewswire/ -- Providing care for loved ones has taken a toll on the careers of half of caregivers surveyed in Genworth's latest Beyond Dollars study, with 11 percent actually losing their jobs and another 10 percent having to change careers. That's in addition to the other financial, physical and emotional impacts of caregiving examined in the study.

Genworth released the survey findings today during its annual Long Term Care Symposium on Capitol Hill, which brought together many of the nation's leading caregiver advocates and lawmakers to highlight the challenges of caregiving and explore ways to make that job easier on families. Caregiving responsibilities may include helping with activities such as bathing, dressing and household chores.

Among caregivers surveyed in the study, 51 percent felt that caregiving responsibilities negatively impacted their ability to perform their jobs. That's not surprising considering these findings:

  • 77% reported missing some work during the past year, up 19% from when caregivers were surveyed by Genworth in 2010
  • Caregivers missed an average of 7 hours of work per week
  • 19% missed 10 or more hours of work per week

As a result of their caregiving responsibilities:

  • 11% lost their jobs
  • 10% had to change careers and
  • 12% had to change positions

Absences, reduced hours and chronic tardiness also translated into a significant reduction in caregivers' paychecks. Approximately one-third of caregivers provided 30 hours or more of care a week. And, on average, caregivers reported having lost one-third of their income.

'Although caregiving brings many rewards, it can also have very real negative consequences for families who haven't planned ahead for the possibility of their loved ones needing long term care,' said Suly Salazar-Layton, director of Thought Leadership at Genworth's U.S. Life Insurance Division. 'In fact, 50 percent of respondents...