While the pandemic has hit the Black community particularly hard, the same can be said of this group’s informal caregivers. Most Black caregivers have concerns about financial security, according to a new Nationwide Retirement Institute survey.
Only 58% of respondents reported that they are financially prepared for current or potential caregiving responsibilities, the survey found. That compares to 67% of all caregivers. About 30% of the caregivers surveyed worry that they will be unable to retire one day because of caregiving expenses. The survey, which was commissioned in September 2020, polled 313 Black adults ages 24 and older who are or have been caregivers. The term “caregivers” was defined as those who have ever or are now providing paid or unpaid long-term care to a friend or family member, not through an agency, business or non-governmental organization.
“The pandemic has disproportionately impacted the Black community [more] than other populations,” said Kristi Rodriguez, senior vice president of the Nationwide Retirement Institute. “Many Black caregivers are struggling to balance work while providing care or have experienced a financial hit due to COVID-19. Despite these obstacles, they continue to provide care for their loved ones every day.”