Women have always been the caregivers, managing the physical, emotional and financial load of caring for loved ones. However, the impact of caregiving on women has yet to be acknowledged. From health and workforce equity to childcare and eldercare policies, the impact of caregiving touches everything.
In this post, we’ll examine women’s roles in the care economy, the challenges they face and the opportunities we have to create a better future for women caregivers.
Women: The Backbone of the Care Economy
Caregiving is a vital but undervalued part of our economy. Women shoulder this unpaid or underpaid work, often at the expense of their own financial security and health.
The Numbers Tell the Story
- According to the Journal of the American Medical Association, women are 2.2 times more likely to take on unpaid caregiving roles than men.
- Data from caregiving platforms shows that women—especially mothers and daughters—are the primary caregivers in their families.
- In 2023, 1.9 million women 55+ were out of the workforce because of family responsibilities—seven times the number of men in the same age group.
These numbers are clear: caregiving is not a personal problem—it’s a societal issue that most affects women.
The Unseen Costs of Caregiving
Caregiving is emotional and physical, but the financial costs are especially brutal for women.
- Career Setbacks
Unpaid caregiving requires women to make career sacrifices, such as reducing work hours, taking extended leaves of absence or leaving the workforce altogether.
Impact on Women:
- Loss of income and retirement savings.
- Limited career advancement opportunities.
- Contribution to the gender pay gap.
Impact on Employers:
- Reduced talent pool as women leave the workforce.
- Higher turnover and absenteeism costs.
- Health Impacts
Caregiving with personal responsibilities can lead to chronic stress, burnout and physical health issues. According to the American Psychological Association, women caregivers are more likely to:
- Anxiety and depression.
- Sleep disorders.
- Chronic health conditions like hypertension and diabetes.
- A Ripple Effect Across Generations
When caregiving responsibilities fall on women, their children, partners and employers feel the impact. It creates a cycle of inequality that holds everyone back.
Why Supporting Women Caregivers Benefits Us All
Investing in women caregivers isn’t just about fairness—it’s about building a better society. Companies with gender-diverse leadership teams are 15% more likely to outperform their competitors. By supporting caregiving, businesses and governments can:
- Keep top talent, especially women.
- Improve diversity and inclusion.
- Create healthier, more balanced families.
The Road to Equity: How to Make Change
While the problems women face in caregiving are big, so are the solutions.
- Support Through Policy
Governments can pass policies that recognize and support caregivers:
- Paid family leave.
- Affordable childcare and eldercare services.
- Tax credits for caregiving expenses.
- Workplace Flexibility
Employers can implement:
- Flexible hours and remote work.
- Caregiving benefits like reimbursement programs or access to resources like SupportPay.
- Technology
Platforms like SupportPay provide practical tools for caregivers to:
- Track and share caregiving expenses.
- Simplify communication between family members.
- Reduce financial stress through transparency.
Examples of Change
Example: Maria, a single mother and full-time caregiver for her aging father, struggled to balance her job and caregiving responsibilities. By using SupportPay to manage shared caregiving costs with her siblings, Maria was able to relieve some of the financial pressure. She also benefited from her employer’s flexible work policies, which allowed her to schedule her shifts around her father’s medical appointments.
The Care Economy
The care economy is at a breaking point. As populations age and caregiving demands increase, we can fix the inequalities and rethink caregiving as a shared responsibility. By supporting women caregivers, we can close the gender gaps, improve health outcomes and create a more diverse workforce.
At SupportPay, we help caregivers manage shared financial responsibilities by providing tools. Together, we can make caregiving valued and fair for all.
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