While economic pressures are affecting workers across the board, caregivers are impacted especially hard, according to Homethrive’s Financial State of Family Caregivers. Nearly 92% of caregivers expressed concern about the impact of rising costs and the current economy on their families.
The challenges faced by the 72% of U.S. adults who are caregivers in some capacity have major implications for the workplace. Still, caregivers provide tremendous value for their organizations. The survey of 2,000 U.S. adults—including nearly 500 employed individuals who also serve as unpaid family caregivers—provides insights into how organizations can better support a growing cohort of employees to ensure they show up to work focused, engaged, and effective.
Most caregivers are concerned about issues like rising healthcare costs, more expensive cars, and increasingly unaffordable housing. To manage these costs, 78% of those surveyed have taken or are considering taking actions that negatively impact their financial well-being, including turning down a promotion, incurring more debt, or using emergency savings.
These indirect costs may impact a caregiver’s overall paycheck or career trajectory. Over half (62%) were considering taking on extra work in order to afford their expenses, with that number rising to 78% for those taking care of more than one person. This can lead to a decline in productivity while increasing the risk of burnout. It can also cost employees significant promotions or training opportunities, the report finds.
Most (87%) claim that caregiving has negatively impacted their career advancement opportunities. It can also significantly impact work-life balance, as approximately half of caregivers report using personal and vacation days to tackle caregiving responsibilities. Further, 69% of respondents report delaying personal goals like going back to school, buying a home, or going on vacation to afford care and be present for their loved ones.
Workplaces lacking support or with cultures that do not prioritize mental health and well-being can exacerbate burnout. Managers who fail to encourage transparency and understanding, or those who model an unhealthy work-life balance themselves, result in caregivers feeling as though they must choose between caring for their loved ones and their job.
Over half of survey respondents say they have spent time on caregiving tasks during work hours, with 94% saying it has impacted their ability to be present and focused at work. This presenteeism is also coupled with absenteeism, with more days used for caregiving duties.
Nearly half (42%) of caregivers have considered taking extended leave, a sabbatical, or family leave from work to keep up with their caregiving load.
To help support caregivers, Homethrive suggests employers consider implementing:
- flexibility;
- employee resource groups (ERGs);
- employee assistance programs (EAPs); and
- caregiving benefits like eldercare, childcare, and back-up care for last-minute emergencies.
