An overwhelming majority (92%) of working caregivers are concerned about the impact of rising costs and the current economy on their families, according to a new survey from the caregiver support platform Homethrive. Additionally, more than 75% of respondents report taking or considering actions that hurt their financial wellbeing—such as incurring debt, turning down a promotion or dipping into emergency savings.
Conducted by YouGov, the Financial State of Family Caregivers Survey includes insight from more than 2,000 adults in the United States, including nearly 500 employed family caregivers. It sheds light on the mounting financial, emotional and logistical burdens shouldered by unpaid caregivers in the U.S.—and how those challenges are affecting today’s workforce. The results, Homethrive officials say, reveal a growing crisis that is quietly reshaping the employee experience.
“Caregivers make up a significant portion of today’s workforce, often balancing unseen responsibilities at home in addition to their jobs,” Dave Jacobs, Homethrive’s co-CEO and co-founder, said in a statement. “Employers have a powerful opportunity to recognize and support these valuable team members in ways that boost wellbeing, performance and retention.”
Related: The ‘sandwich generation’ presents a growing caregiving crisis for HR
An overlooked segment of the workforce
An estimated 73% of U.S. adults provide some form of unpaid care for a child, aging parent or loved one with a chronic condition, disability or neurodivergence, according to Homethrive. Some care simultaneously for both children and older adults. The stress related to these responsibilities, the survey indicates, is prompting many working caregivers to rethink their jobs.
Here are five key takeaways from the survey:
- 70% of respondents say caregiving affects their ability to be present and focused at work;
- 66% of respondents say their caregiving role has hurt their career advancement opportunities;
- 42% of respondents have taken or are considering taking extended leave, a sabbatical or family leave to manage caregiving responsibilities;
- 51% of respondents have considered or are considering leaving the workforce or seeking more flexible employment; and
- 75% would leave their current employer for one that offers caregiving benefits.
Despite the significant challenges caregivers face, only 57% of those surveyed wished their employer offered more benefits and support, according to the survey. Regardless, more than half of employers say they plan to expand caregiver benefits within the next three years.
“Caregivers bring incredible strength and resilience to the workplace,” Jacobs said. “When organizations recognize and support that, everyone wins.”
See also: What Facebook is doing to help employees who are caregivers
The survey report includes examples of several caregiver benefits that have been popular and helpful at companies. They include benefits for eldercare, disabilities and neurodivergence, end of life and loss, backup care, child care and Medicare navigation.
“As attitudes towards caregivers shift and employees are increasingly drawn towards organizations that provide them with the understanding they need, caregiving benefits are becoming one of the most popular family and dependent care benefits, second only to family leave and even more popular than childcare alone,” the survey report concludes.
“Organizations have a clear opportunity to invest in stronger caregiving support—before the financial, logistical and emotional strains of caregiving begin to impact their employees and the business.”
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