Our aging population, increased prevalence of chronic diseases, delayed retirement, higher divorce rates among Baby Boomers, geographically dispersed families and shortage of trained caregivers is causing an unprecedented caregiver crunch.
To help employers understand the caregiving experience and how it affects their employees and their bottom line, the Business Group created a new infographic – The Impact of Caregiving on Work.
This resource shines a spotlight on the physical, emotional and financial sacrifices caregivers make through data from strategic partners of the Leave Optimization Forum and Health Innovation Forum presenter, Wellthy.
As we recognize National Family Caregivers Month, let’s reflect on some striking facts about working caregivers and what employers can do to help their workforce thrive.
Fact One: 1 in 4 of Caregivers are Millennials
According to a 2018 AARP report, millennials are the most likely of any generation to be a family caregiver who is also employed. The average millennial caregiver spends 21 hours per week on care, and this responsibility comes as they are starting their careers and shouldering massive student loan debt.[1]
Fact Two: 44% of Caregivers Experience Financial Strain
Family caregivers spend roughly $7,000/year of their own money on caregiving expenses.[2][3]
The long-term effect is significant, with 25% of respondents to an Unum study indicating that caregiving impacted their retirement plans.
Fact Three: 64% Report Caregiving Impacted their Career
Furthermore, 20% experienced a decrease in productivity because of caregiving duties.[2] [4]
A study from Wellthy identified a variety of impacts on the workplace from unscheduled time away to using office hours and resources for non-work items; some caregivers even leave the workforce all together.
Learn more about the health and economic consequences of caregiving in the new Impact of Caregiving on Work infographic.
During National Family Caregivers Month, join future-focused companies in embracing flexible, innovative solutions to help employees manage daily caregiving tasks. Support their physical, emotional and financial health; give them the gift of time through a comprehensive leave program and flexibilities, and create a safe, positive work environment to boost engagement, morale and retention.
[1] Flinn, B. Millennials: The emerging generation of family caregivers. AARP Public Policy Institute. May 2018.
[2] Unum. Adult caregiving: Generational considerations for America’s workforce. June 2018.
[3] AARP. Family caregiving and out-of-pocket costs: 2016 Report. 2016.
[4] Wellthy. Study on the impact of caregiving. 2017.
