2024 Caregiver Study Results

2024 Caregiver Study: Understanding the day-to-day experiences of informal caregivers

Survey reveals caregivers face high stress levels amidst lack of information and support. 

For more than 35 years, the companies of OneAmerica Financial® have been a pioneer in the long-term care (LTC) protection industry. As the American population continues to age and new generations are exposed to the challenges associated with aging, whether themselves or through experiences of a loved one, we want to stay close to consumer sentiment and help ensure that our protection options remain available to our clients and align to their evolving needs.

OneAmerica Financial is proud to release Leading Tomorrow: 2024 Caregiver Study, conducted in collaboration with Hanover Research. In the survey, we explored: 

• How informal caregivers came into their positions
• Why they often work without compensation
• Caregivers’ daily challenges
• Where they go for information and support 

What are the main findings?

1. Informal caregivers are usually loved ones. Of the informal caregivers surveyed, 63% are immediate or extended family members of the care recipient, while 27% are their spouse.
2. They often learn on the job. Informal caregivers learn how to successfully perform caregiving tasks by speaking to the care recipient’s doctor/physician (56%) or through trial and error (55%).
3. Personal care is preferred. Even though 49% of care recipients have long-term care or life insurance that covers formal caregiving, many opt for informal caregiving instead. This is because 48% prefer a personal approach to care, despite 91% of informal caregivers being unpaid.
4. Caregiving can take a toll. Informal caregivers struggle balancing caregiving with other responsibilities (51%) and emotional stress and burnout (47%) — difficulties that persist even after some time in the role.
5. Many seek out resources and support. Informal caregivers seek advice and resources from medical professionals (64%), friends or family (53%), and websites/online forums (48%) on a number of caregiving topics. 

To see more information about the study and how you can use the findings to help you have important conversations with your clients, visit our Caregiver Study landing page and download the informative white paper.  

One thing is clear from this research: Caregivers need support and are especially open to conversations with financial professionals to help them tailor long-term care protection strategies that fit their needs and provide their families with care options. Reach out to your Internal Wholesaler for insight on how our Care Solutions product portfolio and especially the new Caregiver Consultant Benefit included as part of our recent Asset Care enhancements, can help you with client needs.