Thursday, December 28, 2017
For regular readers of this blog, it's no surprise that we have written on several occasions about family caregivers and the upcoming shortage of caregivers as the boomers age. Professor Naomi Cahn called this New York Times article to our attention (thanks Naomi), How Care for Elders, Not Children, Denies Women a Paycheck looks at why more women aren't in the workforce. "[T]he consensus is incomplete. It misses perhaps the most significant impediment to women’s continued engagement in the labor market, one that is getting tougher with each passing year: aging. Focused laserlike on child care, we haven’t noticed that the United States is walking into an elder-care crisis." The article offers sobering statistics and as we know, in many instances the family caregiver is the female.
About a quarter of women 45 to 64 years old and one in seven of those 35 to 44 are caring for an older relative, according to the American Time Use Survey. ... It takes a toll. Ten percent of caregivers have to cut back on their hours at work; 6 percent leave their jobs entirely, according to a report last year by the National Association of Insurance Commissioners.... A 2015 survey by the insurer Genworth Financial found that caregivers spend about 20 hours a week providing care — about half what a full-time worker would spend at work. Almost four in five said they had missed work, and about one in 10 lost a job. One in six reported losing around one-third of income because of caring responsibilities.
Thinking ahead to another generation, the Millennials face an even greater task.
Unlike the boomers now taking care of their parents, their millennial children will not have as many siblings to help care for their parents. Higher divorce rates imply that many aging boomers will have no spouse to care for them, putting additional demands on their children. And the elderly of the future are going to live longer, which suggests there will be a lot of caregivers well into their 50s juggling work with care for their children and their parents.
How this issue will be solved, or resolved, will likely fall to the states. "And if prime-age women start leaving the work force in even higher numbers to care for their aging parents, this will also be a problem for the American economy."