The Cost of Caregiving; Mental, Physical, and Financial Health All Suffer

Summary

Washington, DC (August 7, 2023) – A new survey shows that unpaid caregivers – just over one in five Americans 25 or older – experience more financial challenges than non-caregivers. And they’re more likely to retire earlier than planned for reasons beyond their control – with lower savings and a reduced lifestyle.

The new 2023 RCS Caregivers Report released by Greenwald Research and the Employee Benefit Research Institute (EBRI) examines the retirement prospects, preparations, and experiences for unpaid caregivers vs. those who do not provide that care. The report, which relies on data collected for the two organizations’ 2023 Retirement Confidence Survey, defines caregivers as those who provided unpaid care for an adult and/or a child with special needs within the previous 12 months in a non-institutional setting.