Caregiving Is Forcing Women 50+ To Leave The Workforce

Two out of every five adults, we are talking tens of millions of Americans, are caregivers. 60% of the caregiver population is women, though men are taking on that responsibility more and more. After studying 18 years of data from the University of Buffalo and UCLA; chances are significantly lower that women in their 50s and 60s are working as well as providing caregiving services to a family member. This equates to between 8 and 30 hours a week of care that is given to an elderly parent. Not only does this cause financial strain on the care giver, but it also instills a psychosis as the care giver has to usually dissolve their career as a side effect of giving care. The average income lost to a care giver is 33% and personal expenses for giving care are upwards of $10,000.

Key Points:

  • 1Most of the people caring for someone at home are also working full- or part-time jobs.
  • 2The number of adult children caring for an elderly parent has tripled over just the past 15 years.
  • 3And the population of 35 million elders will double by 2030. So the number of people who need elder care will continue to grow rapidly as the population ages.

This important study discovered that one-third of boomer women are currently caring for an elderly parent, devoting eight to 30 hours per week to caregiving in addition to their time at work.

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