New Report Reveals Financial Struggles of Unpaid Caregivers in the U.S.
A new report from the Employee Benefits Research Institute (EBRI) highlights significant financial challenges faced by unpaid caregivers in the United States. Nearly three in ten Americans aged 25 or older are providing care for loved ones, often at the cost of their own retirement security. The study reveals that 34% of working caregivers and 20% of retired caregivers financially support both themselves and their dependents, while many have less than $10,000 in savings. The report also shows that 56% of caregivers are forced into early retirement due to caregiving responsibilities. This leads to reduced income, limited contributions to retirement accounts like 401(k)s, and increased debt—69% of caregivers say they struggle with it. With the Social Security trust fund projected to be depleted by 2032, these individuals face even greater financial uncertainty. Employers are beginning to respond by offering supportive policies such as flexible scheduling, hybrid work arrangements, job sharing, and elder care subsidies. Bank of America is among companies implementing such measures through gerontology research led by Cyndi Hutchins.
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Topics: caregiving financial impact of caregiving retirement savings