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Unpaid Caregiving Takes a Toll on Retirement Security

Published in RINewsToday on August 10, 2026

Unpaid family caregiving is often viewed as a labor of love. But a new national study shows that caring for a loved one can also come with a significant financial price — one that may well follow caregivers right into their retirement years.

On July 22, the Washington, D.C.-based Employee Benefit Research Institute (EBRI), a nonprofit, nonpartisan research organization that studies employee benefits, released its 42-page report, “Caregivers and Retirement: Findings From the 2026 Retirement Confidence Survey.” The report examines how unpaid caregiving affects financial security, employment, health and retirement planning.

Not surprisingly, the findings paint a very troubling picture. Caregivers are more likely than non-caregivers to report lower financial assets, debt problems, poorer health and less confidence about having enough money to live comfortably throughout retirement.

The report is part of a broader caregiving project being developed by EBRI and Greenwald Research. The goal is to provide employers with educational resources and strategies to help employee caregivers better prepare for retirement while managing the all-consuming demands of caring for a family member.

A Growing Retirement Security Issue

The 2026 Retirement Confidence Survey, now in its 36th year, found that nearly three in 10 Americans age 25 and older are unpaid caregivers.

For purposes of the study, caregivers were defined as people who provided unpaid care for an adult or child during the previous 12 months in a non-institutional setting and helped the care recipient with at least one activity of daily living or instrumental activity of daily living.

The findings were discussed during a July 22 EBRI and Greenwald Research webinar featuring Craig Copeland, EBRI’s director of wealth benefits research; Lisa Greenwald, CEO of Greenwald Research; Kerry Sette of Voya Financial; and Cynthia Hutchins of Bank of America Merrill Lynch.

Throughout the discussion, the message was quite clear: caregiving is not simply a family or health issue. It must also be viewed as a retirement security issue.

“Caregiving is often discussed as a family, health or workplace issue, but this research shows it is also an important retirement security issue,” Copeland and Greenwald said in announcing the report.

“Caregivers are doing many of the same planning activities as non-caregivers, but they are more likely to face debt, lower assets, mental health strain and lower confidence about their long-term financial future,” they noted.

The 2026 report builds on an earlier 2023 EBRI/Greenwald Research study that also examined caregivers. Comparing the two surveys, Copeland said caregivers continue to fall behind their non-caregiving counterparts.

Taking a Look at the Key Findings

Caregiving can take a toll on health. Only 36% of caregivers said their health was excellent or very good, compared with 45% of non-caregivers. Caregivers were also less likely to have household incomes of $75,000 or more — 53%, compared with 62% of non-caregivers. Women represented 61% of caregivers, compared with 47% of non-caregivers. 

Caregivers have fewer financial resources to build wealth. Thirty-four percent of caregivers reported having less than $10,000 in savings and investments, compared with 25% of non-caregivers. Debt was also more likely to be a problem: 69% of caregivers said debt was a problem, compared with 57% of non-caregivers.

Caregiving can hit the family wallet. Thirty-four percent of caregiving workers and 20% of caregiving retirees said they provide financial support to the person they care for. In addition, 20% of caregiving workers and 15% of caregiving retirees said they had taken on new or additional debt as a result of caregiving.

The emotional toll is substantial. Sixty-four percent of working caregivers and 52% of caregiving retirees said caregiving had negatively affected their mental health. Among working caregivers, the financial tasks most affected were saving for emergencies (56%) and working the hours they wanted or needed to work (54%).

The financial pressures of caregiving can make it harder for people to prepare for their own futures. Caregivers in both the lower- and upper-income groups were more likely than non-caregivers with similar incomes to lack confidence that they would have enough money to live comfortably throughout retirement.

Among households earning less than $35,000, 75% of caregivers said they were not confident they would have enough money for retirement, compared with 55% of non-caregivers. Among households earning $75,000 or more, 32% of caregivers lacked confidence, compared with 23% of non-caregivers.

Caregivers were also more likely to worry about the impact of an economic recession, rising housing costs, and having to provide care for a loved one with a health condition or disability.

When Caregiving Changes Retirement Plans

For some caregivers, the demands of providing care can even change when they leave the workforce.

The survey found that caregiving retirees were more likely than non-caregiving retirees to have retired earlier than planned. Among those who retired earlier than expected, caregivers were more likely to say they did so because they had to care for a spouse or another family member.

Caregiving retirees were also more likely to describe their current retirement lifestyle as fair rather than excellent. They were more likely to say their retirement lifestyle was not what they had envisioned and that several retirement expenses were higher than expected.

Higher-income caregivers also lagged behind non-caregivers with similar incomes in completing several important retirement-planning tasks, including calculating how much they needed to save, saving for retirement, planning for emergency expenses and estimating future health care costs.

The report points to a number of ways employers can help working caregivers, including flexible scheduling, remote-work opportunities, caregiver resources, education and benefits designed to reduce some of the financial pressures associated with caregiving.

Lisa Greenwald, CEO of Greenwald Research, says caregiving creates financial, health and social-emotional pressures at different stages of life — while people are working, preparing for retirement and after they retire.

For employers, she says, recognizing these challenges can help them provide the flexibility and support caregivers need to remain productive at work while continuing to save for retirement.

Having Their Say…

Washington insider Dan Adcock, director of government relations and policy for the National Committee to Preserve Social Security and Medicare, agrees with the report’s findings about the financial and personal pressures facing caregivers.

Unless unpaid family caregivers receive greater support through respite care or paid Home- and Community-Based Services, Adcock says, caregiving responsibilities can take a toll on their physical and emotional health.

He also points to another concern not fully captured by the EBRI survey: working-age caregivers who leave the workforce to care for a loved one can end up with lower Social Security benefits because the program’s benefit formula is based in part on a worker’s earnings history.

That is one reason Adcock supports a Social Security caregiver credit.

He urges Congress to pass the Social Security Caregiver Credit Act of 2026 (S. 4396/H.R. 8490). The legislation was introduced by Sen. Chris Murphy (D-Conn.) and Sen. Kirsten Gillibrand (D-N.Y.) in the Senate, with Rep. Brad Schneider (D-Ill.) introducing the House companion measure.

The legislation would allow qualifying unpaid caregivers to receive up to five years of deemed wages for purposes of calculating Social Security benefits. To qualify, a caregiver would generally have to provide at least 80 hours of care per month to a dependent child under age 12 or a chronically dependent relative.

The bills remain in committee. S. 4396 was referred to the Senate Finance Committee, while H.R. 8490 was referred to the House Ways and Means Committee.

The issue is particularly important here in Rhode Island, where thousands of family members provide unpaid care that helps loved ones remain in their homes.

Maureen Maigret, policy advisor with the Senior Agenda Coalition of Rhode Island (SACRI), says the EBRI findings confirm what advocates have been seeing for years.

“Caregiving takes a significant physical, emotional, and financial toll on our unpaid caregivers,” she says.

Maigret notes that Rhode Island caregivers provide thousands of hours of unpaid care that can allow people to remain at home longer, potentially delaying or avoiding more costly nursing facility care.

SACRI is pushing for policies to strengthen support for caregivers, including expanding the state’s Temporary Caregiver Insurance program, adequately funding respite services, and creating a state caregiver tax credit.

Rhode Island has already taken steps to support working family caregivers through its Temporary Caregiver Insurance program. Aging advocates, however, continue to push for expanded eligibility and additional weeks of paid leave.

Taking a Close Look at AARP’s Caregiver Study

After a media briefing last year, AARP and the National Alliance for Caregiving (NAC) published a report, Caregiving in the U.S. 2025, that warns of a looming crisis that will impact America’s 63 million caregivers, an increase of 45% over the past decade. The report, released June 24, 2025, noted that caregivers are at a “crisis point.” Nearly half reported major financial problems, one in five reported fair or poor health, and more troubling, nearly a quarter felt completely alone.

One in five caregivers report poor health; a quarter are taking on debt due to caregiving. Half report negative financial impact due to caregiving, and one in five cannot afford basic needs like food.

EBRI’s new survey adds an important retirement-focused perspective to an ongoing national conversation about unpaid caregiving.  The research shows how caregiving can affect not only today’s household decisions but a person’s long-term financial security.

And that may well be the most important takeaway from the new EBRI report.

Millions of Americans step up to the plate when a parent, spouse, child or other loved one needs help. They do it because it is what families do. But caregiving should not mean that the person providing that care has to sacrifice his or her own financial future.

Like AARP’s 2025 caregiver study, EBRI’s report examines how caregiving responsibilities are associated with retirement confidence, debt, savings, financial stress, workplace needs and long-term retirement preparation among workers and retirees.

The EBRI research, complementing AARP’s definitive caregiving research, makes it clear that unpaid caregiving carries consequences that can extend far beyond the time spent providing care. For many Americans, the price may be paid not only today, but again when they reach retirement.

A Final Note…

EBRI’s Copeland points out: “The survey results clearly show caregiving has significant impacts on both workers and retirees, not only now but in the future as well. While you may not be a caregiver currently, if you have parents or children, you are likely to be one in the future. Thus, preparing for this need, or better handling current caregiving needs, can make a huge difference in retirement preparations and current expenses. Caregiving can take a toll on all aspects of life, so anything individuals can do to plan for it or better educate themselves can foster a caregiver’s well-being, both financially and emotionally.”
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The 2026 Retirement Confidence Survey was conducted online from January 2 through January 28, 2026, among 2,544 Americans age 25 and older. It included a general population sample of 2,052 people — 1,007 workers and 1,045 retirees — plus an oversample of 492 caregivers. The final analysis included 701 caregiving workers and 305 caregiving retirees.

The 2026 survey was supported by the American College of Financial Services, American Funds/Capital Group, Bank of America, Bright Horizons, CareScout, Edward Jones, Empower, Fidelity Investments, FINRA Foundation, Jackson National, J.P. Morgan Chase & Co., Mercer, Nationwide, Principal Financial Group, Protective, Prudential/PGIM, T. Rowe Price and Voya Financial.

To watch the EBRI Webinar and for a copy of the slides, go to https://www.ebri.org/publications/webinars/past-webinars

To read AARP’s 2025 Caregiver Study, go to Caregiving in the U.S. 2025 – AARP Research Report

Resolutions to getting back on track financially a catalyst for positive change

Published on December 27, 2021 in RINewsToday

With the continuing COVID-19 pandemic, we will see a scaled back Times Square celebration where the ball swiftly drops as 15,000 people, in a viewing area that holds around 58,000 revelers, will loudly count down to one at the stroke of midnight. At this time, we traditionally make New Year Resolutions to accomplish in the coming year – to perform acts of kindness, take steps to ensure our financial security, or for self-improvement.

Experts say that making resolutions can help us set goals and provide us with time for reflection as to what is important to us in the coming year. They can serve as catalysts for positive change and increase our self-esteem and sense of accomplishment. Here are the findings of two resolution studies, recently released by Voya Financial, Inc. and Fidelity Investments that may well be good for your physical health and well-being, and financial health.

Many Seek to Re-Focus Their Life Priorities

As we approach 2022, Voya Financial, Inc. released its latest study with findings indicating that nearly one-third (31%) of survey respondents say they are not planning to make any new year’s resolutions in 2022. According to researchers, the results suggest that nearly two years into the COVID-19 pandemic, many Americans might be seeking to re-focus their life’s priorities. 

However, Voya’s latest consumer research survey also revealed that when asked specifically what resolutions individuals do plan to make in 2022, more than half (60%) noted an interest in improving their overall well-being, with 44% noting a focus on physical health and 31% on their mental health.

“For many, it may seem refreshing to see that perhaps many Americans are taking a more holistic view of what’s valuable to them as we approach almost two years of pandemic life, and we understand that the impacts of the pandemic have shifted priorities for many individuals,” said Heather Lavallee, CEO of Wealth Solutions for Voya Financial, in a Dec. 9 statement announcing the study’s findings. “With the much-needed focus on what is most important and valuable, it seems that a good number of Americans are ready to take a pass on the resolution ritual this year. That said, it is reassuring to see that those who are planning to do so are most focused on their physical and mental health,” says Lavallee.

However, surviving the financial impact of the ongoing COVID-19 pandemic has many of the survey recipients say that they are monitoring financial changes that might be occurring in 2022, thus indicating that financial security continues to be a priority resolution. 

Voya’s research shows a large number of individuals are likely or extremely likely to: save more for emergencies (76%); reduce or pay down their overall debt (72%); and save for retirement (72%). The researchers also say that these numbers are even higher for those generations who might have been impacted financially more during the pandemic, with Generation Z (89%) and millennials (83%) noting that they are likely or extremely likely to save more in the coming year. 

“We continue to see interest in making changes to feel more financially secure, which is something we have found consistently since the beginning of the pandemic. But what’s most encouraging is the continued interest in saving for those generations who may have been impacted from job loss or furloughs throughout the pandemic,” added Lavallee. “And we’re seeing this shift to more positive savings behaviors in our own data as well — as more than 60% of Generation Z and millennial workers who changed their savings rates in their workplace retirement plan during the third quarter of 2021, increasing their contribution,” he said.

As individuals continue to begin building back savings and improving their overall financial well-being, many also appear to be seeking support from their employer. When asked about the importance of employer-offered benefits, Voya’s survey revealed that the majority of individuals rank the following benefits as important or extremely important: employer-sponsored retirement savings (82%); flexible work hours (77%); mental health benefits (72%); short-term/long-term disability income insurance (76%); and whole life or term life insurance (69%).

“With these findings in mind, and for those employers who are looking to help their employees as we approach the new year, we recommend considering reminding employees of the benefits and resources that are available to them at the workplace, whether that may be an employee assistance program, a resource for helping with elder or child care, or making the most of their benefits to achieve those more financially focused resolutions,” said Rob Grubka, CEO of Health Solutions for Voya Financial. “The reality is that we often find many individuals don’t recognize how many great resources are available to them — and many without cost — directly from their employer,” he says.

Fidelity Survey’s Take on 2022 Resolutions  

According to Fidelity’s 2022 Financial Resolutions Study released just weeks ago, Americans are feeling a little bit more hopeful about their finances in the upcoming year. More than 62% of Americans feel optimistic about their future, despite the unknowns of the continuing COVID-19 pandemic, and 72% are confident they’ll be in a better financial shape. Sixty-eight percent are considering making a financial resolution for the new year.

Despite the optimism reflected in this survey, respondents noted that inflation (43%), unanticipated expenses (43%) and COVID-19’s impact on the economy (36%) are their top concerns for the upcoming year. 

Like the Voya’s study, the respondents indicated that they are also making resolutions around physical (74%), mental health (61%)  and general well-being (73%) at higher levels than in the past year. The researchers note that this may be the result of achieving success in 2021 with goal-setting, as greater numbers of people report being able to stick to resolutions in 2021 in all areas; notably, 71% of respondents were able to stick with their 2021 financial resolutions, up from 58% in 2020.

“The country has been through a seemingly unrelenting roller coaster over the past two years, so it’s encouraging to see people feeling more hopeful about the coming year and placing a priority on themselves,” said Stacey Watson, senior vice president of Life Event Planning, Fidelity Investments in a Dec. 9 statement announcing the study’s findings. “This study confirms that actions taken at the start of the pandemic – such as budgeting better and replenishing that emergency savings fund – are becoming permanent habits for many,” she said.

What silver linings did American’s experience during the past two years of the ongoing COVID-19 pandemic?  Respondents say they became more thoughtful about savings and spending (42%), followed by “becoming closer to family” (39%) and “becoming stronger as a person” (34%). 

The survey respondents also noted they will be taking a more thoughtful approach to finances next year, taking a more practical view toward creating their financial resolutions. 38% say they are considering more conservative goals, a number that is even higher (46%) among the next generation. The top three financial resolutions, identified by this study were saving more money (43%), paying down debt (41%) and spending less money (31%). 

For those looking to save more in 2022, the objectives are somewhat split—51% plan to save for the long term, while 49% are looking at shorter-term objectives, such as boosting emergency savings or saving for a mortgage. Among the next generation, 62% plan to increase their retirement contribution in the year ahead, at a far higher level than older Americans (34%).

And what do people say they want to do once they’ve paid off the bills and set aside money for the future? By far, Americans are looking to get away if it’s safe to do so, as travel tops the list for where people plan to spend their extra dollars.

Compared to last year’s Financial Resolution Study, however, the latest study suggests stress levels—those things keeping people up at night—have significantly decreased. When stress is present, it involves finding money to save after paying monthly bills, the ability to simply pay bills and saving for retirement, say the researchers. Part of this stress reduction may be attributed to acceptance, as 84% of Americans say after living through the pandemic, they’ve learned to let go of worrying about that which can’t be controlled.

With New Year’s Day just five days away, if you have not done it, it’s time for you to write your resolutions for 2022.  Have a great year…