As more working Americans become caregivers for family, friends, and loved ones, more are looking for support from their employer along the way.
A new survey from Securian Financial examined wellness challenges that come with caregiving responsibilities, and how employer benefits could mitigate those tests.
The survey defined caregiving as providing a variety of support, including household chores, personal care, managing bills, and attending appointments at least once a week for a child with a disability, a significant other, parent/in-law, grandparent, or other adult needing care.
The report finds that over half of respondents have had some sort of impact to their mental, financial, and even social wellness, with 54% of the 1,759 respondents surveyed pointing to caregiving tasks for the impact on their financial wellness. Furthermore, 37% of caregivers said their responsibilities have influenced their performance at work.
As a result, 78% of caregivers expect their employers to provide benefits and resources to support them as caregivers, and 73% of caregivers look to their employers to find support for their roles as caregivers.
“Employees with caregiver responsibilities, in addition to full-time employment, are a growing group of Americans with unique challenges and needs that employers must address,” said Securian Financial Employer Relationship Management Director Peggy Neale, who is also a caregiver and guardian for an adult relative with Down syndrome. “Employer compassion is as important as providing benefits. In addition to providing flexibility for caregivers to meet their needs—both personal and professional—understanding and empathy are crucial for caregivers to feel their employer truly supports them.”
Workers who serve as caregivers are increasingly turning to their employer to show care in their wellbeing by offering flexible work hours, paid time off (PTO), and flexible work locations.
Respondents are also wanting financial assistance benefits from their workplace, as more report trouble balancing the rising cost of living, caregiving responsibilities, and long-term savings. A past report by the Employee Benefit Research Institute (EBRI) found that caregivers are less likely to view their financial wellbeing as good or excellent, and many report being less prepared than non-caregivers in enduring a $5,000 emergency expense.
According to Securian, of the 69% of caregivers who said their employers offer financial assistance for caregiving expenses—and the 55% of those who said they have used the benefit—96% said they found it helpful.
The report emphasizes the need for employers to consider such benefits, especially as the number of caregivers are expected to grow rapidly in the coming years. The findings report that while 21% of U.S. adults are currently serving as an unpaid caregiver for another person, this trend will intensify as Baby Boomers leave the workforce and need care in the years to come.
According to Securian, “by 2040, all Baby Boomers will be age 75 or older, leading to a substantial increase in caregiving shouldered by a sandwich generation—the adult children of these Boomers who will be “sandwiched” between providing care for their own children and their parents.”
SEE ALSO:
- Caregivers Look to Employers for Financial Wellbeing
- ‘Sandwich Generation’ Now Includes Millennials
- Younger Workers Likelier to Become Caregivers
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.
