Half (49%) of all caregivers report their family responsibilities have had a severe or major impact on their ability to prepare for their retirement, according to a Voya Financial survey. However, employers can use workplace benefits to help employees with caregiving responsibilities, which will boost retirement savings.

Employees are more likely to stay with their employers if the company provides access to health spending and savings accounts (51%), voluntary benefit offerings, such as critical illness, hospital indemnity, disability income, accident insurance (51%), and comprehensive caregiver planning resources (36%) — all which can have a significant impact on those with disabilities and their caregivers, who often face financial challenges connected to their dual responsibilities at home and work, according to Voya.

"Employers that prioritize traditional workplace benefits coupled with specific caregiver resources have an opportunity to create an environment that can foster employee loyalty, reduce turnover and enhance overall productivity," said Carole Mendoza, VP, benefits at Voya Financial. "However, it's important to ensure employees are aware of and understand all the benefits and resources available to them, particularly employees in diverse communities.