Voya research adds to building conversation about the caregiving crisis

Caregivers and caregiving — especially in regard to a lack of resources — have been hot topics in 2024, and Voya Cares® has been a thought leader in helping to raise awareness of the unique needs of caregivers and how employers may be able to help meet those needs. This year, Voya had a presence in multiple news articles covering this topic, including in Investment News and Society for Human Resource Management (SHRM), among others.

In October 2024, Voya released findings from a consumer research survey showing that nearly half of non-caregivers believe they will become a caregiver in the future, while only a bit more than half of those said they will likely tell their employer if they become a caregiver. As a result, many employers are unaware of the numbers of caregivers in their workplace, never-mind what their unique needs are and how to meet them.

Caregiving impact on financial future 

Caregiving comes with significant financial challenges, and the financial strains should be of concern to employers. In fact, Voya’s research found that almost half of caregivers (49%) report their responsibilities have had a severe or major impact on their ability to prepare for their retirement. More than half of caregivers also noted caregiver responsibilities impacted their:

• Ability to prepare for emergencies and unexpected expenses (52%). 
• Mental well-being (52%). 
• Health care costs (51%).

Voya’s research also found caregiving responsibilities severely or majorly affect several other aspects of their finances, including:

• A home purchase (40%).
• Mortgage and rent payments (38%).
• Having a child and child care costs (35%).
• College expenses or student loans for themselves or their dependents (30%).

Employers’ opportunity to retain caregivers

Interestingly, Voya’s findings also show employed Americans are more likely to stay with their employers if the company provides access to a robust selection of benefits, including:

• Health spending and savings accounts (51%).
• Voluntary benefit offerings, such as critical illness, hospital indemnity, disability income, accident insurance (51%).
• Comprehensive caregiver planning resources (36%).

All of these benefits can have a significant impact on those with disabilities and their caregivers, who often face financial challenges connected to their dual responsibilities at home and work.

Another notable finding from our research is that more than half (53%) of non-caregivers say they are likely to use caregiver resources and support, if offered through their employers, and 17% of caregivers say they have already have used caregiver resources and support offered to them through their employer.

Overall, Voya’s research illustrates that employers have an opportunity to demonstrate a commitment to an inclusive and supportive workplace for caregivers and all employees. In addition, offering comprehensive benefits that include support for caregivers can be a significant factor in attracting and retaining talent, along with promoting higher job satisfaction and overall well-being. Benefits, such as health savings accounts (HSA), flexible spending accounts (FSA), legal insurance, disability and long-term care insurance, and comprehensive caregiver or financial planning resources for the disabilities community may continue to be an untapped caregiver retention tool for many employers.