Source: Benefits Canada
Employees with caregiving responsibilities face greater financial strain, lower retirement confidence and more concern about future retirement risks than employees without caregiving responsibilities, according to a new survey by the Employee Benefit Research Institute.
The survey, which polled more than 2,500 U.S. employees aged 25 and older, found just 36 per cent of caregivers said their health status is excellent or very good, compared to 45 per cent of non-caregivers. Nearly two-thirds (64 per cent) said caregiving has had a negative impact on their mental health.
A third (34 per cent) of caregivers said they have less than $10,000 in savings and investments and the same percentage said they provide financial support to their care recipient. Seven in 10 (69 per cent) said debt is a problem and 20 per cent have taken on new or additional debt as a result of being a caregiver.