A new study, conducted by Edward Jones in partnership with Morning Consult and Age Wave, paints a picture of the challenges confronting America’s family caregivers —a group comprising two in five U.S. adults.
The research highlights a significant lack of nationwide support, despite nearly half of all Americans anticipating taking on caregiving responsibilities in the future. The findings underscore the profound financial, emotional, and career sacrifices made by these individuals, calling for greater recognition, resources, and policy changes.
Caregivers are grappling with a complex web of concerns, with financial anxieties leading the charge. A staggering 56% cited rising costs and inflation as a top worry, closely followed by inadequate retirement savings (42%). The study reveals that a near-unanimous 95% of caregivers harbor some level of financial concern for their retirement, with over half (51%) forced to cut back on personal spending due to their caregiving duties.
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Beyond the monetary strain, the emotional toll is significant. Many caregivers reported experiencing stress, burnout, and an inability to prioritize their own health, characterizing caregiving as a substantial emotional responsibility. Despite these hardships, a remarkable 72% expressed a willingness to sacrifice their own financial security to ensure proper care for their loved ones. This often translates into drastic measures such as leaving jobs entirely, reducing work hours, incurring debt, and even dipping into their own retirement savings.
“Caregivers often bear great financial burdens and sacrifice their own well-being to care for children and elder family members,” stated Ken Dychtwald, founder and CEO of Age Wave. “The vital role of family caregivers in our care systems and society demands greater recognition, resources and relief, especially as America’s population continues to live longer with more chronic conditions and the need for caregiving grows.”
Despite the pervasive challenges, the study also revealed a powerful silver lining: 80% of caregivers reported that their role has strengthened their relationships with loved ones, with a significant majority experiencing feelings of personal fulfillment and gratitude from those they care for.
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The research emphasizes the critical need for increased support, education, and resources for caregivers. A concerning 57% have not sought professional financial advice for caregiving-related matters, yet among those who did, a resounding 93% reported feeling more confident about their financial future.
“Financial advisors are an important element of a caregiver’s support system,” commented Ken Cella, principal and head of external affairs at Edward Jones. “They can give caregivers a complete picture of their finances, enabling them to navigate the complex realities of care while planning for multiple long-term financial and life goals.”
The study also highlighted broad bipartisan support for policies aimed at assisting caregivers. A substantial 68% of Americans, across political affiliations, believe the public sector is not doing enough to support caregivers, with this sentiment particularly strong among those caring for elderly and special-needs adults. The majority of Americans expressed support for federal legislation, including expanded retirement account contributions and additional “catch-up” contributions for caregivers.
Furthermore, 74% of respondents believe employers should offer benefits such as financial support or flexible work arrangements for employees with caregiving responsibilities, indicating a strong demand for more supportive workplace policies.
“In the face of rising living costs and a looming retirement crisis, supporting caregivers through national and employment policies is an investment in economic stability, public health and the well-being of both caregivers and those they are caring for,” Cella added. “As a firm, we are proud to advocate on behalf of caregivers by backing policies that will build lasting financial strength for our clients, colleagues, communities and society.”
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