Caregiving in COVID-19
Consumer Sentiment Survey
From social habits to work environments to finances and healthcare options, COVID-19 has altered almost every aspect of our daily lives. As our nation continues to battle the virus, we at Genworth are committed to understanding how COVID-19 is impacting you and your family.
In May of 2020, Genworth conducted the Caregiving in COVID-19: Consumer Sentiment Survey to gauge the emotional and financial effects of COVID-19. Our findings provide some perspective on the experiences of people across the country.
How did the pandemic change Americans’ everyday life? For many people, it meant balancing working from home and caregiving.
- 1 in 3 Americans to unexpectedly become caregivers overnight
- An additional 9 hours a week, a typical work shift, was spent on caregiving tasks
These new caregivers were providing care for their children or older family members, or the dependents of front-line workers.
Uncertainty & Vulnerability
The pandemic’s wide-spread reach has taken an emotional toll on Americans and revealed their vulnerabilities.
- 53% of Americans said the pandemic had forced them to confront their own vulnerability
- 65% of Americans said the pandemic forced them to confront their loved ones’ vulnerability
- 53% of Americans reported stress
- 49% of Americans reported anxiety
Acknowledging that we will likely become a caregiver comes with feelings of immense responsibility and desire to provide the best care possible for our loved ones. Because of COVID-19’s impact, families are concerned about where long term care should take place. The pandemic has caused people to question whether long term care facilities are the safest environment for impaired or aging family members.
- 1 in 2 adults see nursing home facilities in a more negative light
- 1 in 3 adults considering long term care for themselves would prefer to be cared for at home
People are having conversations with loved ones about long term care to ensure everyone is on the same page, with respect paid to financial preparedness and care preferences.
Planning for the Future
Pre-pandemic, financially preparing for future health concerns was something to be done later in life. According to responses in Caregiving in COVID-19: Consumer Sentiment Survey, the need to develop a long term care plan is heightened now.
- 4 out of 10 people increasing their willingness to prioritize saving for long term care
- 4 out of 5 have already or will soon take action to increase their financial preparedness
- 37% of adults want to improve their health and well-being
- 1 in 3 Americans said they have already started taking action by thinking, researching, and talking to loved ones and/or financial professionals about how they would pay for long term care services they might need.
To help Americans address the challenges of aging, Genworth offers resources to help individuals and families learn and gain the confidence to take the first steps towards meeting their long term care goals.