As workplace cultures in the U.S. settle for more hybrid and remote work options, WIPN finds women in the retirement services industry are still facing trouble balancing caregiving roles and work.
In a new survey of 163 respondents (two-thirds of whom are caregivers to children, aging parents, or spouses/partners), WIPN found that seven in 10 women who work and have a caregiving role report having autonomy over their time at work and options for remote work and flexible schedules.
Yet, three in 10 women said their caregiving role had negatively impacted career opportunities, with 18% stating that caregiving has limited their career path. Additionally, only 4% of women surveyed said caregiving positively affected their career.
As more workers move into caregiving roles, WIPN found disparities within employees who act as caregivers versus those who don’t. Fourteen percent of caregiving respondents said they received less recognition than their colleagues who are not caregivers, 12% wished for longer caregiving leave, and 16% stated their compensation is not enough to cover the cost of caregiving.
“Women’s lot as caregivers may be improved but changes to workplace benefits—when they are not matched by changes in cultural norms—may be inadvertently amping up the pace on a treadmill of unsustainable expectations,” WIPN wrote in its report.
Women surveyed said they were also likelier to face high pressure in their home and work life. Among employed U.S. parents, 67% of women said they felt a great deal of pressure to focus on their responsibilities at home compared to 45% of men. When asked whether they faced pressures to support their family financially, 57% of men and 62% of women said yes, while 38% of men and 41% of women said they felt pressured to be successful in their job or career.
Caregiving roles by generations
WIPN’s report saw cultural shifts within age groups: Gen Z and Millennials were likelier to share caregiving responsibilities with their partner, compared to Baby Boomer and Silent Generation cohorts.
Still, WIPN reported a substantial satisfaction gap among Millennial and Gen X workers—two age groups in which career fulfilment is currently in direct competition with caregiving priorities. While almost all (95%) of Boomer and Silent Generation respondents said they were satisfied with their career, 78% of Gen X and 79% of Millennials and Gen Zers stated the same.
Additional findings from WIPN’s “How the ‘Do-It-All’ Culture is Affecting Women in the Retirement Industry,” can be found here.
SEE ALSO:
- Inflation Continues to Derail Women’s Retirement Savings in 2023
- 7 Demographic Disparities Impacting Retirement Readiness
- More Women Report Losing Half of Income During Retirement
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.
