Subjective Financial Strain and Objective Financial Impacts Among Informal Caregivers in the United States

Informal caregivers provide critical unpaid care while facing significant financial, emotional, and physical challenges. This study examined factors associated with subjective financial strain and objective financial impacts among informal caregivers of older adults in the United States. Using data from the “Caregiving in the U.S. 2020” with 1,333 informal caregivers who reported caring for an adult aged 50+. Findings indicate that providing assistance with a greater number of instrumental activities of daily living (IADLs) and seeking information about financial help are both significantly associated with increased odds of experiencing subjective financial strain and objective financial impacts. Findings underscore the need for targeted financial support for informal caregivers heavily involved in assisting with IADLs. Financial assistance programs should consider the additional costs associated with these tasks. Policies should ensure that informal caregivers receive adequate and timely support once they request assistance to mitigate both objective and subjective aspects of financial burden.