Elder Care and the Workplace

"Child care issues were the most talked about stresses for families of the 20th century. We believe that caring for our aging parents is the new most pressing stress for the 21st century."
Susan Ungaro, editor-in-chief of Family Circle magazine

Trends Fueling the Growth of Elder Care Needs

• The graying of America
• Very old adults are more likely to need to care
• More women in the work force

Elder care is fast becoming an important issue for many workers across the United States. A recent Wall Street Journal story estimated that more than 14 million U.S. workers are caring for older family members. Caregiver's efforts, which often take them away from the office, cost employers as much as $29 billion a year in lost productivity.

"This translates into per caregiver costs (on average) at $1,141 to $3,200 annually. The National Council on Aging also found that 25% of workers taking care of a relative who lived an hour or more away missed at least one day of work each month, and 15% took unpaid leave. Caring for an elderly relative typically takes at least eight hours a week and spans eight years, according to another MetLife study. Caregiving is expected to increase as the number of middle-aged workers grows and their parents live longer.

A quarter of people younger than 34 (Gen Xers) are or have been caregivers, according to a study by Sage Products. Two-thirds of all caregivers hold jobs, and Susanne Mintz, president of the National Caregivers Association said that, "The thirtysomethings are much more affected by this than previous generations." 2

According to a national survey conducted by Family Circle and the Kaiser Family Foundation, many of Medicare's 35 million seniors turn to their family members for advice and help with health and financial decisions. Despite the important role they play, many adults with an aging parent lack basic information needed to advise on these matters According to the survey, 37% were worried about juggling caregiving with other responsibilities, about one-quarter are worried about having enough time for their spouse or children. Nearly four in 10 (38%) are worried about maintaining their own health. Caring for an aging parent also has an impact on the professional lives of adult children: 34% of women and 24% of men say they have missed work as a result of caring for an aging parent. 3

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