80% of Caregivers Sacrifice Financial Security for Family, Edward Jones Study Finds
Event summary
- 81% of caregivers for adults 65+ are involved in financial caregiving, representing 32M+ U.S. adults.
- 91% of financial caregivers spend their own money annually, averaging $8,737 in unreimbursed expenses.
- Only 33% of caregivers planned their role ahead of time, with just 22% feeling 'extremely prepared'.
- Women spend 20% more time caregiving than men and are more likely to reduce savings (42% vs. 35%).
- Half of financial caregivers work with a financial advisor, with 96% finding the support helpful.
The big picture
The study highlights the significant financial and emotional toll of caregiving, with 81% of caregivers willing to compromise their own security. This presents an opportunity for financial advisors to provide structured planning solutions, particularly as the aging population grows. Edward Jones, with $2.6T in AUM, is well-positioned to lead in this space, given its extensive advisor network and focus on personalized planning.
What we're watching
- Financial Planning Gaps
- Whether Edward Jones can capitalize on the demand for early financial planning among caregivers.
- Employer Support
- How employers may expand caregiving benefits to retain talent juggling work and family responsibilities.
- Gender Disparities
- The pace at which financial services firms address the unequal burden of caregiving on women.