Because they’re worth it! The economic value of informal care provided to French people aged 75 years and over

With the ageing of the population, countries face challenges, particularly with regard to long term care. Caring for disabled elderly entails both public and private costs that amount to billions of euro per year. But the value of informal care is often missing. The aim of the study is to assess the cost of informal care provided to people aged 75 years and over, applying the contingent valuation method. Data from a French survey on informal caregivers are used. A two-step model à la Heckman is implemented in order to both analyze factors associated with the reported amount of willingness to pay for an extra-hour of care, and reasons why some informal caregivers did not give a value (protest respondents). Results are enhanced with findings from a qualitative survey. Age, proximity, mental health seem convey the need for informal caregivers to be recognized, as well as their need for respite due to the burden they bear. Socioeconomic factors are also important: the higher informal caregiver’s and care recipient’s income is, the higher the reported amount is. These elements could be useful to public policies which try to develop measures that both promote and relieve informal care provided to the elderly.