The Hidden Cost of Eldercare: Navigating Job Loss and Financial Strain
The demanding responsibility of eldercare often forces individuals to make difficult choices, impacting their careers and financial stability. Jacquie Johnson, a 59-year-old Chicago native, exemplifies this struggle. In 2018, she relocated to Oklahoma to care for her ailing mother, sacrificing her hospital supervisory position and depleting her savings over two years of unpaid care. Upon her mother’s passing, Johnson returned to Chicago, facing an unexpectedly challenging job search despite her impressive qualifications, including an MBA. Her experience highlights the often-overlooked financial burdens and emotional toll of family caregiving.
The aging U.S. population is a significant demographic shift, with the number of adults undertaking caregiving responsibilities projected to rise. Cook County, for example, witnessed a nearly 20% increase in adult households aged 65 and older between 2012 and 2019. This growing need for eldercare is often met with unpaid labor, compounding the financial strain on caregivers. The Bipartisan Policy Center notes that nearly 20% of adults aged 25-54 are not working, with eldercare being a significant, yet under-recognized, contributing factor.
The consequences extend beyond individual hardship. A 2020 AARP report reveals that 53% of caregivers adjust their work schedules to manage caregiving duties, while 15% reduce their hours, 14% take leave, and 8% receive performance warnings. The difficulty of re-entering the workforce is magnified for older workers, who often face longer job searches. The financial implications are substantial; researchers at the University of Pennsylvania estimate median direct and indirect caregiving costs at $180,000 over two years. This disproportionately impacts women, who predominantly serve as caregivers, further exacerbating the gender pay gap.
The challenges are compounded for those in the “sandwich generation,” balancing eldercare with childcare responsibilities. While President Biden’s executive order in 2023 aims to support family caregivers, the reality remains that many are forced to choose between their family and their livelihood.
Johnson’s eventual success in finding employment through the AARP Foundation’s Back to Work 50+ program offers a glimmer of hope. This program, along with emerging legislation like Illinois’ anti-discrimination law for caregivers and the proposed federal Credit for Caring Act, provides crucial support. However, the experiences of individuals like Johnson and Shari Lewis, a 52-year-old who faced a two-year employment gap after caring for her father, underscore the urgent need for broader societal support and policy changes to address the significant financial and career disruptions faced by family caregivers. The hidden cost of eldercare demands immediate attention to ensure that those providing invaluable care are not left behind.