Two recent surveys by financial services companies paint a stark picture for family caregivers.
Genworth’s 2021 Cost of Care Survey of more than 1,300 family caregivers found 49% of care recipients required help in all aspects of daily living; that’s an increase from 39% in 2018. The survey found an increase in cognitive impairments among care recipients from 26% in 2018 to 32% this year.
As the need for care increased, Genworth learned that family members were stepping in increasingly to fill the gap for care. One in 3 polled reported becoming unexpected caregivers — a responsibility that required them to carve out at least 19 hours a week to provide care. More than half of women and 45% of men said the added responsibility of caregiving was negatively affecting their ability to satisfy work requirements of their employers.
The Genworth survey supports the findings of the recent Fidelity Investments American Caregivers study. That study found that 4 out of 10 working caregivers polled might be forced to make a choice between their jobs and caregiving responsibilities. The Fidelity study attributed the added caregiving responsibilities to the pandemic, which forced many families to home-school children and move elderly family members from long-term care facilities.
Since the pandemic, some companies have increased caregiving benefits, including access to care coordinators. However, Fidelity found there was a gender gap when it came to employees requesting those benefits: men were more likely than women to seek caregiver assistance.
