Caregivers more stressed and less prepared for large emergency expenses
Three-quarters of caregivers feel it is challenging to juggle their work and caregiving responsibilities.
Today’s caregivers are older, stressed about finances and challenged by juggling work and caregiving responsibilities. This data comes from a Workplace Wellness Survey report from the Employee Benefit Research Institute and Greenwald Research.
Caregivers are workers who provide unpaid care for an adult and/or a child with special needs and help with daily living. While this is clearly a valuable sector of the workforce, many caregivers feel they are not in a stable financial position. This demographic is more likely to be of Hispanic, Spanish or Latino descent, and are typically older than workers without caregiving responsibilities.
Those providing care are less likely to rate their own personal health as excellent and are more likely to give a lower rating of their household’s financial wellbeing. Additionally, lower-income caregivers have a more difficult time accessing and participating in core employee benefits, are less likely to be satisfied with their employee benefits package, and are more likely to report lower self-rated physical, mental and financial wellbeing.
Caregivers are less likely to indicate that their financial wellbeing is in good standing, and many report feeling unprepared to weather a $5,000 emergency expense. Three-quarters of caregivers feel it is challenging to juggle their work and caregiving responsibilities. Caregivers and non-caregivers alike agree that employers have a responsibility to assist employees with their mental, physical and financial wellbeing, suggesting that employers have an already established base of individuals who will buy into their wellbeing initiatives.
Related: Matching emergency savings: The must-have benefit for 2023
“The segment of American workers who are caregivers is often larger than people expect. Nearly a quarter of the workforce consists of caregivers, and with an aging population, this share is poised to rise,” explained Lisa Greenwald, CEO of Greenwald Research.
“Human Resource professionals and employee benefit providers alike need to better understand this group of workers and what they need to succeed, both in the workplace and at home in their caregiving role.”