The Economic Impact of Supporting Working Family Caregivers

Abstract

The Economic Impact of Supporting Working Family Caregivers to the Longevity Economy Outlook the annual economic contributions of the 50-plus age group will triple, from $8.3 trillion to $26.8 trillion by 2050. However, had there been greater support for working family caregivers, the economic projections would be much higher.

Ethical and Policy Implications of Financial Burden in Family Caregivers

“…Specifically, more than half of them report coming in late, leaving early, or taking time off to fulfill their caregiving role. 7 Forced to make sacrifices, some caregivers leave the workforce altogether. Family caregivers who either disrupt their careers or leave the work force completely to fulfill their caregiving role can experience substantial economic risk and both short-and long-term financial strains.…”

“…8 More than 75% of individuals who retired early to care for their loved ones would have prolonged their engagement in the workforce if they had access to alternative work arrangements such as flexible hours/shifts, telecommuting, compressed schedules, paid leave, or phased retirement. 7 The total opportunity cost of forgone earnings among caregivers is approximately US $67 billion and mainly due to the lower likelihood of engaging in the workforce. 8 Including the projected changes in work participation, hours worked, and real wages, the opportunity costs in 2050 will increase up to US $139 billion to $147 billion.…”

“…Among the 10 states, the District of Columbia has provided the most comprehensive FMLA coverage. 7 There are organizations, including PL + US, that are advocating for robust paid family leave in the United States. 25 The Build Back Better Act, which passed in the United States House of Representatives in 2021, included comprehensive paid family leave.…”

“…Caregivers, regardless of age, report challenges balancing work and caregiving duties. Specifically, more than half of them report coming in late, leaving early, or taking time off to fulfill their caregiving role 7 …”

Knowing Well, Being Well: well-being born of understanding: Addressing the Caregiving Crisis: The Roles for Employers and Policy Makers

“…3 Furthermore, assisting caregivers 50and older to stay in the workforce could increase the GDP in the U.S. by $1.7 trillion by 2030. 7 Through the lens of her own personal caregiving experiences, Jessica Kasten describes how poorly aligned employers offerings for caregiving can be with employees’ needs. She then makes a compelling case for and provides examples of assessments of family caregivers’ needs.…”