It's worth being aware of those financial effects, experts say, because caregiving is an important touchstone in Latino culture. Latino caregivers have high financial strainFamily caregivers spend on average 26% of their annual income on caregiving activities, according to a 2021 report by AARP. The organization calls that measure "financial strain," and bases it on the caregiving expenses relative to a caregiver's annual income. Compared to other races and ethnicities, Hispanic and Latino caregivers have the highest financial strain, AARP found, with caregiving expenses that account for 47% of annual income. Explore claiming your family member as a dependentThere can be financial advantages to claiming a family member you are caring for as a dependent on your tax returns.

---

Persons: Jose Luis Pelaez, —, Lea, It's, it's, Marianela, Collado, Roberto, Amanda Corral, Roberto Corral Organizations: Inc, Getty, CFP Louis Barajas, International Private Wealth, AARP, Latina, U.S, CNBC FA, Financial, caregiving, Medicaid Locations: , Florida, Irvine , California, U.S, Mexico, Canada, Barajas, Amanda Corral of California, California