Many women want the choice and ability to have careers, be caregivers, and be the “chief financial officer” of their families but balancing these responsibilities can have significant impacts on health and wealth. This is especially true for the “sandwich generation” — adults who are juggling caregiving responsibilities for both their children and aging parents or relatives.
For women in this demographic, the demands of caregiving — while often fulfilling — can result in emotional stress, career disruptions and financial strain. Fortunately, with enhanced workplace support and financial strategies, caregivers can cultivate resilience and discover stability.
Key Insights from the Milken Institute
Edward Jones has been a steadfast supporter of family caregivers, partnering with the Milken Institute Future of Aging and its Caregivers in the Workplace Initiative to identify and advance meaningful solutions along with other private sector partners. Supporting Family Caregiving: How Employers Can Lead — a new Milken Institute report, sponsored by Edward Jones, spotlights the challenges caregivers face and ways employers can take action to enhance well-being and financial security. The report unveils staggering statistics:
- 53 million Americans — 21% of adults — are caregivers with 60% balancing caregiving alongside a job.
- In 2023, caregiving drove 1.9 million women aged 55+ out of the workforce – 7x more than men in that same age group.
- Family caregivers provide an estimated $600 billion in unpaid care annually, devoting an average of 18 hours per week to caregiving tasks.
These findings illustrate the immense burden on caregivers, especially women, who often find themselves at a crossroads between career advancement and family responsibilities.
Promoting Financial Wellness Among Caregivers
One of the most pressing concerns for the “sandwich generation” is financial wellness. Caregiving can lead to increased expenses along with diminished savings and retirement funds. Many women are forced to reduce work hours or step back from their careers in their prime earning years. According to the Urban Institute, these career interruptions can result in an average lifetime income loss of $295,000.
Employers can play a significant role in alleviating these pressures by investing in caregiver-friendly resources, programs and policies, such as:
- Paid leave and flexible schedules. Offering caregivers options to manage their professional responsibilities and reduce financial impacts.
- Workplace education and support. Acknowledging caregivers andproviding trained staff, educational programs, support groups, and other resources to foster a supportive environment.
- Digital tools and resources. Adopting technology solutions to help caregivers manage responsibilities, including appointment tracking, medication management, and access to support networks.
- Financial education and benefits. Offering subsidies and benefits that ease caregiving expenses and encouraging retirement planning and investment strategies catered to their circumstances.
The Business Case for Caregiving Support
Edward Jones has worked to prioritize initiatives that promote workplace benefits for caregivers because we’ve seen the positive impacts firsthand. When caregivers receive support in the workplace, it enhances their overall well-being and enables them to be more engaged and productive in their careers. In fact, companies that prioritize policies to support caregivers often experience:
- Higher employee retention and satisfaction levels.
- Increased productivity and decreased absenteeism.
- Stronger workplace culture and loyalty among employees.
Conclusion
The challenges confronting the “sandwich generation” are significant, but employers can take meaningful steps to help caregivers achieve financial stability and emotional resilience.
By prioritizing caregiver benefits, investing in financial wellness programs and implementing workplace policies, businesses have the power to improve the lives of millions of caregivers. In doing so, they not only foster the well-being of individual employees but also bolster the strength of the workforce as a whole.
Let’s band together to make a meaningful impact for those who care for our families and communities!
About the authors
Vanessa Okwuraiwe
Edward Jones Principal Vanessa Okwuraiwe is part of the strategic leadership team that helps the firm achieve its goal of being a place of belonging for all. She is responsible for helping the firm increase its representation of different groups and foster engagement and inclusion.
