Nearly three-quarters of caregivers to older adults are also employed, while eight in 10 say they would sacrifice their own financial security to support a loved one.
Caregiving is placing a growing financial, emotional and workplace burden on millions of Americans, with new research revealing that many employees are effectively taking on a second part-time job caring for loved ones while sacrificing their savings, retirement security and career opportunities. The Financial Impact of Caregiving report conducted by Age Wave, on behalkf of Edward Jones and The Harris Poll, found that more than 32 million US adults provide financial caregiving for someone aged 65 or over.
Among financial caregivers to older adults, 91% spend their own money each year, while 84% are not fully reimbursed, leaving them covering an average of $8,737 annually out of pocket. And the cost extends far beyond money. Caregivers to adults aged 65 and over provide an average of 109 hours of care every month – approximately 3.6 hours a day. Nearly three-quarters (73%) are also employed, balancing paid work with substantial responsibilities outside their jobs.
The findings add to growing evidence that caregiving is no longer simply a private family matter. It is increasingly a workforce, retention, wellbeing and financial-security issue for employers.
SACRIFICING FINANCIAL SECURITY TO CARE FOR LOVED ONE
Perhaps the most striking finding is what researchers describe as the generosity paradox. Some 87% of financial caregivers to older adults say they do not want to become a caregiving burden on their own families, yet 81% are willing to reduce their own financial security to support someone in their care.
The financial consequences can be substantial. Among financial caregivers, 38% have stopped or reduced saving, while 25% have borrowed money, increased debt or delayed repayments. Another 18% have reduced or paused retirement contributions, potentially affecting their financial security for years to come.
More than eight in 10 (82%) reported at least one significant lifestyle impact, including reducing personal spending, delaying major purchases, relocating, spending less time with family and friends or postponing their own medical care. The research highlights how financial caregiving can create competing obligations between supporting someone today and protecting one’s own future.
“We commissioned this research to better understand the full impact financial caregiving has on individuals and families, including the costs that are often overlooked,” said Ken Cella, Principal and Head of External Affairs at Edward Jones. “As families navigate longer lifespans and increasingly complex financial decisions, these findings underscore the importance of planning ahead and ensuring caregivers have access to the support and resources they need.”
CAREGIVING COLLIDING WITH PAID WORK
For employers, the scale of the time commitment may be just as significant as the financial cost. Family caregivers to adults aged 65 and over spend an average of 109 hours per month providing care. Among the 73% who are also employed, that means balancing paid work with approximately 100 additional hours of caregiving every month. The findings reinforce previous Fair Play Talks reporting showing how caregiving is reshaping working life. Earlier this year, research revealed that one in four American adults was part of the sandwich generation, simultaneously caring for children and ageing parents.
Those surveyed were spending almost 24 hours a week arranging, managing or providing care, effectively taking on another part-time job alongside their paid role. The Care.com study also found that caring responsibilities were influencing major career decisions. Some 55% had turned down a promotion, pay rise or other career opportunity, while 66% admitted hiding the full extent of their caring responsibilities from their employer.
Separately, research from LegalShield found that more than half of surveyed working adults aged 40–60 were managing care for an ageing parent. Nearly two-thirds spent at least six working hours a month coordinating care, while more than 20% had turned down promotions because of their responsibilities. The evidence suggests that employers may be underestimating the time, emotional energy and financial resources required of employees who are also carers.
SANDWICH CAREGIVERS
The new Edward Jones research reveals significant overlap between eldercare and childcare. Nearly 46% of financial caregivers to adults aged 65 and over are also sandwich caregivers, supporting an older adult while providing support for their own children, regardless of age.
That compounds both time and financial pressures. Employees may be helping older relatives with medical appointments, everyday care or financial decisions while also meeting their children’s needs and maintaining paid employment. The issue has already emerged as a serious workplace wellbeing concern.
Earlier research revealed that 64% of sandwich-generation working women were at high risk of burnout. The findings, from Cleo’s Family Health Index, were based on more than 19,200 assessments of working parents and caregivers. Women aged 40 to 54 – often in their peak earning and leadership years – were particularly affected, with 46% falling into the most severe burnout-risk category.
A separate University of Phoenix report highlighted growing retention and productivity concerns as sandwich-generation pressures increase. Together, these studies suggest that employers need to treat caregiving as a workforce issue rather than a private challenge that employees are expected to manage alone.
WHY WOMEN ARE PAYING A HIGHER PRICE
The burden of caregiving is also unevenly distributed. The Edward Jones study found that women spend an average of 118 hours every month caring for loved ones, compared with 98 hours for men. Women are also more likely to have stopped or reduced saving – 42% compared with 35% of men. The emotional pressures are similarly unequal. More than three-quarters of women (76%) said caregiving was more stressful than expected, compared with 68% of men.
Meanwhile, 61% of women reported feeling overwhelmed by their caring responsibilities, compared with 51% of men. Women were also less confident they would have sufficient financial resources for retirement and long-term care – 71% compared with 84% of men. That matters because caregiving frequently coincides with years when people would otherwise be building retirement savings, pursuing promotions and reaching peak earning potential.
The long-term cost can therefore extend well beyond the money spent on care today. Reduced working hours, career interruptions, lower pension contributions and missed progression opportunities can compound over many years, potentially increasing financial insecurity later in life.
HOW CAREGIVING AFFECTS CAREERS
Caring responsibilities can influence how employees are perceived and treated at work. Previous research has highlighted how workers with significant family responsibilities can face assumptions about their commitment, availability and career ambitions. This is not solely a challenge for women. Research involving more than 5,000 UK working fathers found that half felt nervous asking for time off to care for their children, despite 74% wanting to embrace equal parenting responsibilities.
Some 60% felt judged for prioritising family over work. Meanwhile, earlier AARP and S&P Global research found that seven in 10 working caregivers struggled to balance their jobs and care responsibilities. Among those surveyed, 27% had reduced their hours or moved from full-time to part-time employment, 16% had turned down promotions and another 16% had stopped working for a period.
The wider issue is whether employees with caring responsibilities are still perceived as less committed, less available or less ambitious, even when they remain highly capable. For businesses, overlooking carers’ contributions risks losing experienced employees, reducing workforce diversity and widening existing inequalities in pay and career progression.
EMPLOYER CAREGIVING BENEFITS
One particularly important finding for employers is that caregiving benefits are not necessarily sitting unused. Among employed financial caregivers to older adults, 68% said their employer offered caregiving benefits, and 92% of those with access reported using them. Time-related benefits, including flexible hours, hybrid or remote working and unpaid leave, were among the most commonly offered and used.
However, financial benefits were the type of support caregivers most wanted. That suggests organisations need to think beyond conventional wellbeing provision. Flexible working can help employees manage their time, but caregivers may also need financial wellbeing guidance, paid carers’ leave, emergency assistance, eldercare resources, legal support or help navigating complex care systems.
Previous research revealed that nearly two-thirds of US employees were experiencing financial anxiety. That TELUS Health study found that 27% of US workers were providing financial support or care to adult relatives. Among that group, 34% said their responsibilities negatively affected their finances, while 27% reported a negative impact on mental health. Together, the findings highlight how caring responsibilities, financial wellbeing and employee performance can become deeply interconnected.
FLEXIBILITY CAN BE A LIFELINE
Flexible working remains one of the most practical ways employers can help employees manage competing responsibilities. Earlier this year, research found that three-quarters of working parents believed their working arrangements did not fit modern family life, while 72% wanted greater flexibility to spend time with their children.
Another study found that one in three UK parents with children under seven had left a job because they could not access flexible working. The same principle applies to employees supporting ageing or disabled relatives.
Flexible hours can enable employees to attend medical appointments, coordinate care, respond to emergencies or simply maintain a more manageable balance between paid work and family responsibilities. Recent coverage of workplace duty of care also highlighted why organisations increasingly need to design work around people’s actual circumstances, rather than assuming employees have no significant responsibilities outside their jobs.
PRESSURES OF CARING FOR ADULTS WITH DISABILITIES
The Edward Jones report also examines people providing financial care to adults with disabilities. Compared with financial caregivers of older adults, they were more likely to make direct financial contributions – 69% versus 57% – and personal financial sacrifices, at 64% versus 49%.
They were also substantially more likely to say caregiving had negatively affected their own health – 63% compared with 43%. Yet 89% said caregiving gave them a sense of purpose and fulfilment.
That apparent contradiction runs throughout the research. Caregiving can be deeply meaningful while simultaneously placing considerable pressure on someone’s finances, health and career.
CAREGIVING IS FILLED WITH CONTRADICTIONS
Ken Dychtwald, PhD, Founder and CEO of Age Wave, highlighted that complexity. “Caregiving is filled with contradictions,” he said. “It can be stressful, expensive, and overwhelming, while also being one of the most meaningful roles a person takes on. Caregivers are making extraordinary commitments with their time, energy and money, yet the vast majority say the experience gives them a sense of purpose and fulfillment. Supporting caregivers means recognizing both what they gain from the role and what they give up fulfilling it.”
Overall, 85% of caregivers to adults aged 65 and over said caregiving gave them a sense of purpose and fulfilment. For employers, that distinction matters. Supporting caregivers should not mean treating them as disengaged, distracted or less ambitious. It means recognising that valued employees may be carrying substantial responsibilities that are largely invisible at work.
MOST WORKERS NOT PREPARED FOR CAREGIVING
The report also exposes a significant planning gap. Only 33% of financial caregivers said their role had been planned and discussed beforehand, while just 22% felt extremely prepared when caregiving began.
Caregiving often starts unexpectedly following an illness, diagnosis, hospital admission or deterioration in a relative’s health. Families may suddenly need to make decisions about medical treatment, personal care, finances, legal arrangements and longer-term support,” explained Cella.
“Caregiving often becomes a financial responsibility before families have fully discussed what support may be needed or who will provide it. Caregivers often step into the role because someone they love needs them, but that generosity can come at a real cost. Having those conversations earlier and often can help caregivers make more informed decisions and help them better prepare to care for the people they love, without losing sight of their own long-term goals.”
Only 30% of care recipients had all three key legacy documents in place – a will, healthcare directive and power of attorney – while 21% lacked sufficient financial resources for this stage of life. These gaps can leave families making urgent decisions without adequate information or support.
SUPPORTING CAREGIVERS AT WORK
The need for practical guidance is also attracting greater attention from charities, businesses and community organisations. As the United States marks National Family Caregivers Month in November, Bradley Cooper’s One Family Foundation is expanding its Care Out Loud initiative, which aims to connect unpaid caregivers with practical information, expert-vetted resources and community support.
The campaign is entering its second year with continued involvement from P&G and CVS Pharmacy, alongside efforts to recognise the contribution of everyday caregivers. Its expansion comes amid growing evidence that caring responsibilities affect not only household finances and wellbeing, but also employees’ ability to remain in work and maintain their careers.
WHAT EMPLOYERS CAN DO
The findings point to a growing need for organisations to recognise caregiving as part of workforce planning, wellbeing and inclusion. Employers should consider several practical priorities, including:
- Offer genuine flexibility. Provide flexible working hours, hybrid or remote arrangements where possible, and opportunities to adjust working patterns around caring responsibilities.
- Review leave policies. Consider paid carers’ leave, emergency leave and temporary working arrangements that help employees manage unexpected care needs without sacrificing their financial security.
- Train managers to respond sensitively. Managers should understand how to discuss caring responsibilities without making assumptions about an employee’s capability, availability or ambition.
- Provide financial wellbeing support. Consider financial education, independent advice, emergency assistance and guidance on the longer-term implications of caregiving for savings and retirement.
- Help employees navigate care services. Eldercare resources, legal guidance, care-planning assistance and access to external support organisations can reduce the complexity of managing care.
- Protect career progression. Review whether employees with caring responsibilities are being overlooked for promotion, training, development opportunities or pay progression.
- Make support visible. Explain what workplace benefits are available, how to access them and whether conversations will remain confidential.
- Recognise different types of caregiving. Policies should cover employees supporting older relatives, disabled adults, children, partners and people living with serious or long-term health conditions.
Cancer and serious illness can create particularly intense periods of care. Recent research revealed that an estimated 1.1 million working adults in the UK care for somebody with cancer. That research highlighted the importance of flexible working, carers’ leave, temporary workload adjustments and regular manager check-ins.
WHAT CAREGIVERS CAN DO
Caregivers should not be expected to absorb the financial, emotional and practical burden of caring alone. However, earlier planning and clearer conversations can help reduce some pressures. Where possible, caregivers can begin discussions about future care needs before a crisis occurs, clarify how responsibilities will be shared among family members and consider the potential effects on savings, debt, pensions and employment.
They can also check what workplace support is available, including flexible working, carers’ leave, employee assistance programmes and financial wellbeing benefits. Legal and financial arrangements, including wills, healthcare directives and powers of attorney, may also need attention. Requirements vary depending on jurisdiction and individual circumstances.
The research found that half of financial caregivers to older adults worked with a financial adviser, while 44% of those first sought advice because of their caring responsibilities. Among respondents using an adviser, 96% found that support at least somewhat helpful. Professional advice, family discussions and access to reliable resources can make complex decisions easier to navigate.
However, the goal should not be to make caregivers better at absorbing an unsustainable burden. It should be to ensure they have appropriate personal, workplace and wider support before caring responsibilities undermine their health or financial future.
HOW EMPLOYERS CAN SUPPORT CAREGIVERS
Caregiving often begins suddenly. A parent becomes ill. A relative receives a diagnosis. A child needs additional support. An older family member can no longer manage independently. Employees can move from having few significant caring responsibilities to coordinating medical appointments, finances, personal care and paid work almost overnight.
That is why employer support works best when it is visible and accessible before somebody reaches crisis point. Employees should not have to disclose every private detail about a loved one’s health before receiving appropriate flexibility.
Managers should not assume that somebody caring for a family member is automatically less committed to their career. And organisations should not wait until a valued employee resigns before recognising that their working arrangements have become unsustainable.
CAREGIVING IS BECOMING A WORKFORCE ISSUE
The latest research adds to an increasingly consistent picture. Employees are caring for children, ageing parents, partners and disabled relatives while trying to maintain careers and protect their own financial security.
Many are doing so quietly. The Edward Jones study finds that caregivers are providing more than 100 hours of support each month, while millions are also spending their own money and sacrificing savings intended for their futures.
For employers, the lesson is not simply to introduce another benefit. It is to recognise that care is becoming a structural feature of working life. As populations age and more people live longer with disabilities and long-term health conditions, supporting employees with caring responsibilities is likely to become increasingly important for workforce retention, inclusion and wellbeing.
The employers best able to retain experienced carers may be those prepared to design work around that reality — rather than forcing employees to choose between their careers, caring responsibilities and long-term financial security.
Click here to read the Financial Impact of Caregiving study
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