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C.A.R.E. (Costs, Accountabilities, Realities, Expectations) Study 2015

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1) The Northwestern Mutual Life Insurance Company – Milwaukee, WI C.A.R.E. Study The Caregiving Conundrum Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI and its subsidiaries.

2) Background The C.A.R.E. Study explores four elements of longevity and long-term care planning: – Costs: financial approach and considerations of long-term care – Accountabilities: obligations and responsibilities of caregiving – Realities: actual experience of aging or caregiving vs. anticipation – Emotions: mindset of adult dependent and caregiver The study is based on an online survey of U.S. adults age 18+ conducted from September 22 to October 6, 2015. The breakdown of completed interviews is as follows: Number of Completed Interviews 1,008 500 899 General U.S. Population Gen Xers – age 35-49 Experienced Caregivers The data were weighted to be representative of the U.S. population (age 18+) based on Census targets for education, age/gender, race/ethnicity, region and household income. 2

3) Caregiving is an undeniable reality Roughly 4 in 10 Americans are caregivers Caregiver Status NET Experienced 36% Yes, I am currently a caregiver / providing care for someone. 16% Yes, I have provided care for someone in the past. By caregiving, we mean situations when you are responsible for providing care – or the resources for that care – to someone or several people over a substantial period of time. The caregiving could be for anyone in your life who is – or could be – aging, ill or have special needs, but does not include any caregiving you may do as part of your employment. 21% Total Gen Pop BASE: ALL QUALIFIED RESPONDENTS (General Population n= 1008) S1. Are you currently, or have you ever been a caregiver? 3

4) Act II may be harder than Act I The majority of Americans feel caring for two elderly adults would be more difficult than caring for two toddlers Which is Perceived to Be More Difficult to Care for Total Gen Pop Two adults between the ages of 85 and 90 59% Two children, ages 3 and 5 10% No difference 19% Don’t know 12% BASE: ALL QUALIFIED RESPONDENTS (General Population n= 1008) E16. In your opinion, which of the following would be more difficult to care for? 4

5) Non-experienced caregivers primarily envision caregiving responsibilities to be chores Just a third expect to provide financial support Aspects of Caregiving Envisioned to Be Provided if One Becomes Caregiver Non-Experienced Caregivers Grocery shopping 78% Cooking 73% Laundry 72% Providing emotional support 70% Transportation 70% Cleaning 69% Maintaining the home 58% Managing the finances 58% Personal hygiene 47% Physical activity / exercise 45% Providing financial support 35% Hiring a professional caregiver 28% Don't know Other 10% 2% BASE: ALL QUALIFIED RESPONDENTS WHO ARE NOT EXPERIENCED CAREGIVERS (n=878) E4. If you were to become a caregiver, which of the following aspects of care would you envision that you would provide? 5

6) Experienced caregivers tell a different story Emotional support ranked as high as chores Aspects of Caregiving Being Provided or Have Been Provided Experienced Caregivers Personal hygiene Grocery shopping 62% 86% Providing emotional support 83% Cleaning 79% Cooking 78% Transportation Managing the finances 58% 76% Physical activity / exercise 46% Providing financial support 41% Hiring a professional caregiver Laundry 76% Other Maintaining the home 19% 64% BASE: ALL QUALIFIED EXPERIENCED CAREGIVERS (Experienced Caregivers n=899) E5. In your role as a caregiver, which of the following aspects of care do you/have you provided? 6 3%

7) Emotional support can take a toll 10% All the Time 11% 21% 21% 42% 15% 36% 30% Often Sometimes Rarely 42% Never 18% 20% 10% 4% 9% 12% Tiredness Sadness Anxiety BASE: ALL QUALIFIED EXPERIENCED CAREGIVERS (n= 899) E9. Below is a list of emotions you may experience as a caregiver. Please rate how often you’ve felt each of these emotions in your personal caregiving experiences. 7

8) Yet, caregiving has its rewards Most Positive Aspects of Being a Caregiver for an Aging Family Member Willingness to Be a Caregiver Again for Aging Family Member or Friend Total Gen Pop Experienced Caregivers Provide me with the inner comfort of knowing I’m doing the right thing 61% Allow(ed) me to return the care & support that they were there to extend to me when I was younger Provide(d) an opportunity to spend much more time together 41% Give me a sense of purpose, a feeling of being needed 36% Give other members of my family a chance to develop deeper relation-ships & spend more time w/family 30% 15% Nice to live under the same roof again Other I don’t think there will be any positive aspects 81% 48% 3% 10% Yes BASE: ALL QUALIFIED RESPONDENTS (General Population n= 1008) E12. And, in your opinion, what are, or would be, the most positive aspects of being a caregiver for an aging family member, such as a parent? BASE: ALL QUALIFIED EXPERIENCED CAREGIVERS (Experienced Caregivers n= 899) E14. If an aging family member or friend needed care in the future, would you be a caregiver again? 8

9) The financial realities Two-thirds of Americans who anticipate incurring costs for providing care say it would make a great impact financially Extent of Impact of Caregiving on Lifestyle A great impact 66% A slight impact 31% Aspects of Care Most Difficult to Provide Providing financial support 9% 30% E 16% Personal hygiene 23% No impact at all 3% BASE: ALL QUALIFIED RESPONDENTS WHO ANTICIPATE PROVIDING CARE AND ANTICIPATE INCURRING COSTS DOING SO (n= 239) C4. And, still thinking about any financial costs you would assume if you had to provide care for an aging family member or friend, what type of impact would that additional expense have on your lifestyle? Providing emotional support 11% Experienced Caregivers ( E) Future Caregivers (G) 9% BASE: ALL QUALIFIED RESPONDENTS (Experienced Caregivers n=899; Future Caregivers n=168) E6a. IF EXPERIENCED CAREGIVER - And, which aspects of care are/were the most difficult to provide? IF NON-EXPERIENCED CAREGIVER - If you were to become a caregiver, which of the following would be the most difficult to provide? Chart presents aspects of care more than 10% identified as most difficult to provide 9

10) 4 in 10 have not planned for covering costs they may incur How Potential Cost of Care Is Addressed in Savings/Financial Plan Non-experienced Caregivers 21% It’s covered in my savings I’ve purchased insurance (e.g., life, disability, long-term care, etc.) 16% 42% have costs ‘covered’ It’s covered by my aging family member’s (i.e., the beneficiary’s) savings 10% 3% I plan to borrow money if needed 38% It is not covered as I have not planned for it It is not covered as I don’t anticipate caring for aging family members or friends 20% BASE: ALL QUALIFIED RESPONDENTS NOT EXPERIENCED CAREGIVERS (Non-experienced Caregivers n= 878) C1. How is the potential cost of care for aging family members or friends addressed in your savings/financial plan?. 10

11) Managing caregiving costs could impact lifestyle and retirement savings Source for the Additional Money to Provide Care Non-Experienced Caregivers Reduce current living expenses Withdraw money from my retirement savings Work more hours Get another job Cash in stocks/ bonds Sell property Withdraw money from my non-retirement savings Borrow against my home Stop/ reduce contributions to non-retirement savings Take out a personal loan from a bank/ lender Stop/ reduce contributions to retirement savings Borrow money from a friend Other Not Sure Percentage of Monthly Budget Allocated to Care Experienced Caregivers 48% 27% 26% 20% 19% 16% 15% 12% 10% 10% 9% 2% 3% 13% 26% Average Percent BASE: ALL QUALIFIED EXPERIENCED CAREGIVERS (Experienced Caregivers n=899) C6. Approximately what percentage of your current monthly budget goes to providing care for aging family members or friends? BASE: ALL QUALIFIED RESPONDENTS WHO ANTICIPATE PROVIDING CARE AND ANTICIPATE INCURRING COSTS DOING SO (Non-Experienced Caregivers n= 239) C3. Still thinking about any financial costs you would assume if you had to provide care, where would this additional money come from? 11