Millennial caregivers – statistics and trends
The National Alliance for Caregiving and AARP research and publish statistics and trends about millennial caregivers. The May 2020 report, The “Typical” Millennial Caregiver, gives insight into this new class of caregivers. Furthermore, in 2018, AARP published a fact sheet about how millennials are the emerging generation of family caregivers.
First, let’s understand who fits in the definition of “millennial.” According to the Pew Research Center’s article Where Millennials end and post-Millennials begin, millennials are born between 1981-1996.
Many of these caregivers are in their 30’s and are part of the “Sandwich Generation.” They are sandwiched between caring for young children and caring for aging parents.
Facts about millennial caregivers
Their numbers are increasing.
1 in 4 family caregivers is a millennial. As people live longer this will increase the number of people needing care.
Time spent caregiving is equivalent to a part-time job.
On average, millennials spend 24.8 hours per week on caregiving. That is the equivalent of a part-time job.
Yet, they often have another job.
3 in 4 millennials are employed. 54% experienced a negative impact on their paid work due to caregiving responsibilities. Therefore, there are hidden costs to caring for a loved one while balancing a career.
They are diverse.
Over half of millennial caregivers are African American/Black, Hispanic/Latino, or Asian American/Pacific Islander. Approximately 47% of millennial caregivers are men. This trend indicates that more men are taking on caregiver duties than in past generations. And 34% of caregivers are LGBT.
In addition to their time, they spend their money.
A millennial caregiver spends on average $6,800/year on out-of-pocket caregiving costs. Yet this number does not reflect lost earnings or wages due to caregiving responsibilities. Additionally, a caregiver may have to forfeit their career or seek part-time work.
The takeaway
The number of younger caregivers is on the rise. Employers should consider flexible work schedules and support for their employees. Therefore, if we support our caregivers, our elders can receive proper care.
For an infographic on millennial caregivers, click this link.
Want more information and tips for caregivers? Get Estate Planning for the Sandwich Generation: How to Help Your Parents and Protect Your Kids today.