Latino Caregivers Face Increased Financial Strain: Here’s How To Prepare To Support Your Family Members

Latino Caregivers

Latino caregivers, especially Latinas, often face significant financial burdens when caring for family members. In Latino culture, caregiving is a deeply ingrained practice, and it’s expected that family members will take care of their loved ones instead of relying on assisted living facilities or other options. However, this commitment to caregiving can lead to substantial financial strain for those providing care.

According to a 2021 report by AARP, family caregivers spend an average of 26% of their annual income on caregiving responsibilities. This financial strain is measured by comparing caregiving expenses to a caregiver’s annual income. Hispanic and Latino caregivers experience the highest financial strain compared to other racial and ethnic groups, with caregiving expenses accounting for a staggering 47% of their annual income.

When broken down by gender, Hispanic and Latina women face the highest financial strain at 56%, which is more than twice the overall caregiver average. Hispanic and Latino men also experience significant financial strain at 38%. This financial burden can lead to difficulties such as unpaid bills, late payments, relocating to more affordable areas, and challenges affording basic expenses like food.

To address these financial challenges, caregivers, particularly Latinos, can consider various strategies. These include exploring the option of claiming their family members as dependents on their tax returns, researching local or state assistance programs that may provide compensation for caregiving, and building their own financial safety nets through strategies like paying down debt, saving for emergencies, and obtaining disability insurance. These steps can help alleviate some of the financial pressures faced by Latino caregivers, allowing them to continue providing essential care for their loved ones while maintaining their financial well-being.