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(StatePoint) Two in five U.S. adults identify as family caregivers, but there is a lack of support for them nationwide, according to new research from Edward Jones in partnership with Morning Consult and Age Wave. With 46% of Americans expected to become caregivers in the future, this research sought to better understand their concerns and challenges, and uncover ways to support them.
How caregivers are navigating their finances, emotions and careers
Top financial concerns caregivers face include rising costs and inflation (56%) and inadequate retirement savings (42%). In fact, 95% of caregivers have some level of financial concern for their retirement, and 51% must cut back on personal spending because of their caregiving responsibilities, according to the study. In addition to financial challenges, many caregivers cited caregiving as a significant emotional responsibility, leaving them stressed, burned out, and unable to prioritize their own health.
Most caregivers (72%) are willing to sacrifice their own financial security to ensure proper care for their loved ones. This sometimes includes such measures as stepping away from their jobs entirely, reducing work hours, taking on debt and dipping into their own retirement savings.
Despite these challenges, 80% of caregivers say their role has strengthened their relationships with loved ones, with the large majority reporting feelings of personal fulfillment and gratitude from those in their care.
“Caregivers often bear great financial burdens and sacrifice their own well-being to care for children and elder family members,” says Ken Dychtwald, founder and CEO of Age Wave. “The vital role of family caregivers in our care systems and society demands greater recognition, resources and relief, especially as America’s population continues to live longer with more chronic conditions and the need for caregiving grows.”
Support, education and resources for caregivers is crucial. Fifty-seven percent have not sought professional advice for caregiving-related financial guidance, yet 93% of those who work with a financial advisor report feeling more confident about their financial future.
“Financial advisors are an important element of a caregiver’s support system,” says Ken Cella, principal and head of external affairs at Edward Jones. “They can give caregivers a complete picture of their finances, enabling them to navigate the complex realities of care while planning for multiple long-term financial and life goals.”
Policies that help caregivers have bipartisan support
Currently, 68% of Americans, regardless of political affiliation, say the public sector is not doing enough to support caregivers, a sentiment felt more strongly among those caring for elderly adults and special-needs adults. The research found that the majority of Americans support enacting federal legislation that would aid caregivers, such as expanded retirement account contributions for caregivers, and additional “catch-up” contributions for caregivers.
Additionally, 74% say they believe employers should offer benefits such as financial support or flexible work arrangements for employees with caregiving responsibilities, reflecting a growing demand for supportive workplace policies.
“In the face of rising living costs and a looming retirement crisis, supporting caregivers through national and employment policies is an investment in economic stability, public health and the well-being of both caregivers and those they are caring for,” says Cella. “As a firm, we are proud to advocate on behalf of caregivers by backing policies that will build lasting financial strength for our clients, colleagues, communities and society.”
