First up: Understanding caregiving needs

Caregiving can take many forms and look different depending on everyone's needs, but recent data can help give us a sense of what the big picture looks like for your employees today:

Roughly 1/5 of Americans provide unpaid care to an adult for an average of 24 hours/week
Over half of caregivers feel they had no alternative but to take on the responsibility
28% of caregivers stop saving, 23% take on more debt, and 22% use up their short-term savings
Almost 4 in 5 caregivers incur out-of-pocket expenses due to caregiving and, on average, spend one quarter of their income on caregiving
While caregivers span every demographic, age, ethnicity, and income level, women account for over 75% of all caregivers
Women caregivers report higher levels of depression, anxiety, and lower life satisfaction
Nearly half of caregivers (47%) experience at least one financial setback, like tapping into savings, tightening spending, or cutting back on retirement contributions and investments
US caregiving in 2021 cost a national median of $54,000 for assisted living facilities, $61,776 for home health aides, and $108,405 for private rooms in nursing homes

The good news: The workplace can become a key resource to help employees make informed decisions around their caregiving needs. In fact, the workplace may be the first place some turn to for resources and support: At Morgan Stanley, our research shows that over 70% of workers would be open to receiving personal financial support at work from a financial professional, four in five want their employers to be more involved in helping them through financial hardships, and nearly as many say their company needs to help them better understand how to maximize their current benefits.

Instant Insights /

Caregiver benefits: A competitive advantage that can help make a difference

More From HR Executive

Related Stories

Recommended For You