Eldercare: A Major Concern for Today’s Workforce

The AARP Public Policy Institute recently issued a report that reveals an emerging challenge for America’s workers – remaining productively employed while providing care for elderly parents or other relatives. Some of the findings:

• 22% of workers aged 45 to 64 report being eldercare providers – the largest of any age group in the labor force.
• 20% of all female and 16% of all male workers in the S. have assumed some degree of eldercare responsibilities.
• 64% of caregivers admit that eldercare duties have compromised job performance
• Both younger (18-39) and older employees (40+) with eldercare responsibilities are more likely to experience personal health issues.
• Employers lose an estimated $33.6 billion per year in lost productivity from full-time working elder caregivers.
• 19% of recent retirees left the workforce earlier than planned because of overwhelming eldercare challenges.
• The “average” elder caregiver is a 49-year-old woman who works outside the home and spends about 20 hours per week providing hands-on care for up to five years.
• 42% of S. workers have provided some degree of care for an aging parent, relative or friend in the past five years.
• 49% of S. workers expect to be providing eldercare within the coming five years.
• Workers with eldercare responsibilities cut across all racial and ethnic groups.