Financial Status, Burden, and Family Caregiver Well-Being: A Cross-Sectional Analysis

Abstract Family caregivers are fundamental to the care and support of individuals with chronic illnesses and disabilities. Both caregiver burden and financial challenges may impact the health and well-being of family caregivers. The purpose of this study was to explore the impact of financial status and caregiver burden on caregiver well-being. Family caregivers (N = 60) of individuals with chronic illnesses and/or disabilities were recruited using online recruitment methods. A rigorous fraud protocol was used to screen potential participants. After screening and consent procedures, participants completed an online cross-sectional survey with demographic questions, including income and perceived financial adequacy, and measures for caregiver burden and holistic well-being. Data were analyzed using descriptive statistics, correlation analysis, and hierarchical linear regression. Caregivers were primarily women (n = 48; 80%) and White (n = 40; 67%). Half reported having an adequate income (n = 30; 50%; average income $58,873.25, SD = 41,187.05). Annual income was significantly associated with financial adequacy (r=.42, p<.01) and meaning and purpose (r=.28, p < 01), but no other well-being domains. Annual income and perceived financial adequacy were not significantly related to caregiver burden. Perceived financial adequacy was significantly positively associated with all well-being domains (r=.30-.47, p<.01,). Caregiver burden was significantly negatively associated with all well-being domains, except financial and material stability (r=-.23, p=ns). When controlling for income, the relationships among financial adequacy, caregiver burden, and well-being domains remained. Our findings suggest that caregivers’ perceptions of their financial situation have more impact on well-being than income. In addition, burden and perceived financial adequacy may be key independent factors related to caregiver well-being.