A Workplace Wellness Survey (WWS) issued by the Employee Benefit Research Institute (EBRI) and Greenwald Research examines how caregiving workers are juggling their day-to-day responsibilities along with work and finances.
The report, “Shining a Spotlight on Caregivers in the Workplace: Findings From the 2023 Workplace Wellness Survey,” compares how caregivers look at their finances compared to non-caregivers, finding that both groups have similar household incomes and asset levels. However, despite have comparable income-levels, caregivers were more likely than non-caregivers to give a lower rating of their household’s financial wellbeing.
Additionally, caregivers are less likely to view their financial wellbeing as good or excellent, and report being less prepared than non-caregivers to endure a $5,000 emergency expense. They are also more likely to see prescription drug costs and medical expenses as financial issues that cause them stress. Lastly, three-quarters of caregivers feel it is challenging to juggle their work and caregiving responsibilities, found EBRI.
As a result, caregivers, along with non-caregivers, primarily look to their employer for their mental, physical, and financial wellbeing.
Yet not all employers are receptive to offering such benefits, finds EBRI. For example, lower-income caregivers are less likely to have access to and participate 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, the research reports.
“Employers should be encouraged by the finding that their workers look to them for help with physical, mental and financial well-being,” said Jake Spiegel, research associate, Health and Wealth Research at EBRI. “Overall, employers are well-positioned to help workers address these issues. Findings from the WWS can help guide employers’ benefits offerings and help tailor programs to positively impact workers who also have caregiving duties.”
“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. 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,” added Lisa Greenwald, CEO, Greenwald Research.
The 2023 WWS interviewed a total of 1,505 full- and part-time American workers ages 21 to 64, including a nationally representative sample of 1,002 workers and an oversample of 503 caregivers.
SEE ALSO:
- Younger Workers Likelier to Become Caregivers
- A Quarter of Caregivers Own Less than $1,000 in Savings
- Unpaid Caregivers Struggle with Retirement Security
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
