Caregivers are more likely to be burdened by finances and less likely to be prepared than noncaregivers for large emergency expenses, according to data from the Employee Benefit Research Institute.
The 2023 Workplace Wellness Survey questioned paid caregivers workers about their opinions about their employer, workplace benefits and challenges of balancing work, home life and finances, and their caregiving responsibilities.
The report noted that caregivers predominantly are women and minorities. They tend to be older, single workers as well, compared with the workforce at large.
“Caregivers are more likely to work part time than non-caregivers — perhaps owing to their caregiving responsibilities — although the two groups have similar household incomes and asset levels,” the research indicated.
Debt doesn’t appear to be a major concern for caregivers compared with noncaregivers. According to the data, caregivers are just more likely to note that debt is a problem for their households.
“However, caregivers were actually less likely than non-caregivers to flag certain types of debt, such as student loan debt or payday loan debt, as problematic for their household,” the authors said.
Still, according to the data, caregivers are more likely to find themselves in a pickle when emergency expenses, such as a costly prescription or a medical expense exceeding $5,000, arise. The authors noted that even with the given data, it is important not to use a broad brush to define all caregivers.
“Lower-income caregivers are, for instance, less likely to have access to and participate in core employee benefits, less likely to be satisfied with their employee benefits package, and more likely to report lower self-rated physical, mental and financial well-being,” according to EBRI.
