Two in five U.S. adults identify as family caregivers¹, but there is a lack of support for caregivers nationwide, according to new research from Edward Jones in partnership with Morning Consult and Age Wave. With nearly half of Americans (46%) expected to become caregivers in the future, this research sought to better understand their concerns, challenges and ways to support them more effectively.

How caregivers are navigating their finances, emotions and careers

Top financial concerns caregivers face include rising costs and inflation (56%) and inadequate retirement savings (42%). In fact, nine of 10 caregivers (95%) have some level of financial concern for their retirement, and 51% must cut back on personal spending because of their caregiving responsibilities, according to the study. In addition to financial challenges, many caregivers cited caregiving as a significant emotional responsibility (89%), leaving many stressed (83%) and burned out (77%). Two-thirds of survey participants (66%) reported they find it harder to prioritize their own health while addressing others' needs.

Most caregivers (72%) are willing to sacrifice their own financial security to ensure proper care for their loved ones. For many, this means stepping away from their jobs entirely (25%), reducing work hours (24%), taking on debt/being unable to pay off existing debt (22%) or dipping into their own retirement savings (16%).

Despite these challenges, 80% of caregivers say their role has strengthened their relationships with their loved ones, with the large majority reporting feelings of personal fulfillment and gratitude from those in their care (83% and 84%, respectively).

"Caregivers have an essential role in our society, yet our research found that they often bear great financial burdens and sacrifice their own well-being to care for their children and their elder family members without adequate support," said Ken Dychtwald, Founder and CEO of Age Wave. "As family caregivers are a crucial part of our care systems, their vital role in society demands greater recognition, resources and relief, especially as America's population continues to live longer with more chronic conditions and the need for caregiving grows."

While caregiving is widely acknowledged as a vital role, 82% of adults believe it lacks the public awareness and recognition it deserves, according to the research. Support, education and resources for these individuals will become even more crucial. Caregivers most often rely on their own family and friends (67% and 43%, respectively) for support with caregiving responsibilities, yet they could benefit from more professional guidance. While more than half of caregiving adults (57%) have not sought professional advice for caregiving-related financial guidance, nearly all caregivers who work with a financial advisor (93%) report feeling more confident about their financial future.

"Financial advisors are an important element of a caregiver's support system," said Ken Cella, Principal and Head of External Affairs at Edward Jones. "By fostering strong community ties and taking a holistic approach, financial advisors can get a more complete picture and serve their clients more deeply. This enables caregivers to navigate the complex realities of care while planning for long-term multiple financial and life goals."  

Americans have bipartisan support for policies to help caregivers

Currently, more than two-thirds of Americans (68%) — regardless of political affiliation — say the public sector is not doing enough to support caregivers, a sentiment felt more strongly among those caring for elderly adults and special-needs adults (77% and 78%, respectively). The research found that Americans support enacting federal legislation that would aid caregivers, with more than three-fourths of Republicans and Democrats in favor of such policies. Specifically, 73% of Americans support expanded retirement account contributions for caregivers, and 74% of Americans support additional "catch-up" contributions for caregivers.

Additionally, three in four adults (74%) say they believe employers should offer benefits such as financial support or flexible work arrangements for employees with caregiving responsibilities, reflecting a growing demand for supportive workplace policies. This is particularly relevant for caregivers of children younger than 5, with 87% in favor of such benefits.

"In the face of rising living costs and a looming retirement crisis, passing caregiving policies would not only help caregivers financially, but it would give them a greater sense of security while prioritizing caring for their loved ones," said Cella. "Supporting caregivers through national and employment policies is an investment in economic stability, public health and the well-being of both caregivers and those they are caring for. As a firm, we are proud to advocate on behalf of caregivers across the U.S. by backing policies that will build lasting financial strength for our clients, colleagues, communities and society."

Edward Jones strongly supports the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act, sponsored by Sens. Susan Collins, R-Maine, and Mark Warner, D-Va., and Reps. Brittany Pettersen, D-Colo., and Maria Elvira Salazar, R-Fla., to help the millions of Americans who provide caregiving services to family and friends. These bills would build on the success of the SECURE 2.0 Act by providing additional savings opportunities for caregivers.

To advocate for issues important to individual investors, including the Caregivers Acts, Edward Jones' Grassroots Legislative Task Force will meet with U.S. legislators for its 40^th year from May 20–22 in Washington. The Task Force is made up of more than 100 Edward Jones financial advisors and client support team professionals from all 50 states and is the securities industry's only volunteer advocacy organization.

To learn more about this research, please visit www.edwardjones.com/caregiving.