The Impact of Spousal Caregiving on Financial Well-Being: An Analysis of Subjective Financial Strain

TL;DR

Spousal caregiving increases financial strain, with caregivers more likely to struggle with bills and financial satisfaction.

Contribution

This study quantifies the financial impact of spousal caregiving using longitudinal data and identifies significant subjective financial strain.

Findings

Caregivers were 39% more likely to report difficulty paying bills compared to non-caregivers.

Caregivers had 26% lower odds of reporting the ability to meet monthly expenses.

Financial satisfaction was not significantly lower among caregivers, suggesting possible adaptation.

Abstract

Caregiving for a spouse or partner often imposes a significant financial burden, straining household resources and affecting overall financial well-being. This study leverages data from the Health and Retirement Study (2012-2018) to examine the relationship between spousal caregiving and subjective financial strain, focusing on the ability to pay monthly expenses and financial satisfaction. Descriptive findings from regression analyses indicate that a significantly higher proportion of caregivers reported difficulty paying bills (39% vs. 29%, p < 0.001) and dissatisfaction with their financial situation (24% vs. 19%, p = 0.008). Results from population-averaged logistic regression models showed that caregivers had 26% lower odds of reporting the ability to meet their monthly expenses than non-caregivers (OR = 0.74, 95% CI [0.61, 0.89], p < 0.001). Although caregivers had 12% lower odds of reporting financial satisfaction than non-caregivers, this association was not statistically significant (OR = 0.88, 95% CI [0.69, 1.12], p = 0.151), suggesting possible adaptation or coping mechanisms. These findings highlight the financial vulnerabilities of spousal caregivers and underscore the need for targeted policies and interventions to alleviate their economic burdens.