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Informal care and financial stress: Longitudinal evidence from Australia
Isaac Koomson1,2, Sabrina Lenzen1, Clifford Afoakwah3,4
1Centre for the Business and Economics of Health, The University of Queensland, St Lucia, Queensland, Australia.
Summary
Informal caregiving significantly increases financial stress for Australians, particularly for males and those in low socioeconomic areas. This study highlights the financial burden of caregiving and its impact on well-being.
Area of Science:
- Economics
- Sociology
- Public Health
Background:
- Increasing prevalence of informal caregiving in Australia.
- Significant rates of financial stress among Australians.
- Need to understand the causal link between caregiving and financial strain.
Purpose of the Study:
- To estimate the causal effect of informal caregiving on financial stress.
- To identify demographic groups most affected by this relationship.
- To explore the mediating channels of financial fragility and social isolation.
Main Methods:
- Utilized longitudinal data from the Household, Income and Labour Dynamics in Australia (HILDA) survey.
- Employed a fixed effect-instrumental variable approach to ensure causality.
- Applied a battery of quasi-experimental methods for robustness checks.
Main Results:
- Informal caregiving increases financial stress by 9.9 to 14.5 percentage points.
- The impact is greater for males, rural residents, and individuals in low socioeconomic areas.
- Financial fragility and social isolation were identified as key pathways.
Conclusions:
- Informal caregiving imposes a substantial financial burden on caregivers.
- Targeted support is needed for vulnerable caregiver populations.
- Addressing financial fragility and social isolation can mitigate negative impacts.
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