Inside the Wallets of Working Americans: Caregiving

Caregiving

The majority of workers fall into one caregiving bucket or another - many are parents of young children, others are caring for elderly parents or relatives, and still others financially support siblings, nieces or nephews, or even friends. These commitments can be financially burdensome, especially in our current economic environment.

Child care costs

Child care costs in particular have increased over the course of the past three years, to the point that in three out of four regions of the U.S., center-based child care for an infant is more than the cost of housing.

In our survey, 63% of those who pay for child care say that those costs have increased in the past year. 56% say these costs cause them worry or stress. A similar number (53%) say that their work schedule has been disrupted in order to save money on child care costs.

21% of surveyed employees provide financial assistance to loved ones, besides their own school-aged children (going up to 24% of Millennials)

52% of those providing assistance have had significant impact to their finances as a result and have had to borrow money from other sources

55% of those providing financial assistance are worry or stressed over this level of financial support

Of those supporting loved ones financially, 30% of them allocate more than a quarter of their income to this

The backdrop and impacts: Caregiving

Caregiving

Child care costs

Financially supporting loved ones

Physical care for adult or child with special needs

More workers in this year's survey are
providing physical care to an adult or child
with special needs - 13% vs. 10% in last year's research.

It continues to be a great financial burden
for many of these families, with over half
of them spending over 10% of their income on it.

The backdrop and impacts: Caregiving

Caregiving

Child care costs

Financially supporting loved ones

Physical care for adult or child with special needs

More workers in this year's survey are providing physical care to an adult or child with special needs - 13% vs. 10% in last year's research.

It continues to be a great financial burden for many of these families, with over half of them spending over 10% of their income on it.

More workers in this year's survey are
providing physical care to an adult or child
with special needs - 13% vs. 10% in last year's research.

It continues to be a great financial burden
for many of these families, with over half
of them spending over 10% of their income on it.