Unpaid caregiving is taking a measurable toll on Americans’ retirement prospects, according to new research released today by the Employee Benefit Research Institute and Greenwald Research. The analysis of the 2026 Retirement Confidence Survey finds that caregivers are more likely than non-caregivers to report lower financial assets, debt problems, mental health strain, and reduced confidence about retirement.
Nearly 3 in 10 Americans age 25 or older currently serve as unpaid caregivers. The report defines caregivers as those who provided unpaid care for an adult or child within the last 12 months in a noninstitutional setting and helped with at least one activity of daily living or instrumental activity of daily living. The findings compare their retirement outlook, financial attitudes and experiences with those of non-caregivers.
“Caregiving is often discussed as a family, health or workplace issue, but this research shows it is also an important retirement security issue,” said Craig Copeland, director, Wealth Benefits Research, EBRI. “Caregivers are doing many of the same planning activities as non-caregivers, but they are more likely to face debt, lower assets, mental health strain and lower confidence about their long-term financial future. That combination can make it much harder to build and preserve retirement security.”
Caregivers are less likely to report excellent or very good health and less likely to have household incomes of $75,000 or more. Thirty-six percent of caregivers describe their health as excellent or very good, compared with 45 percent of non-caregivers. Fifty-three percent of caregivers have household incomes of $75,000 or more, versus 62 percent of non-caregivers. Caregivers are also more likely to be female, at 61 percent compared with 47 percent of non-caregivers.
Financial pressure shows up clearly in savings and debt figures. Thirty-four percent of caregivers have less than $10,000 in savings and investments, compared with 25 percent of non-caregivers. Sixty-nine percent of caregivers say debt is a problem, versus 57 percent of non-caregivers. Many also provide direct financial support or take on new debt because of caregiving responsibilities. Thirty-four percent of caregiving workers and 20 percent of caregiving retirees report providing financial support to their care recipient. Twenty percent of caregiving workers and 15 percent of caregiving retirees have taken on new or additional debt as a result of caregiving.
Mental health effects are especially pronounced. Sixty-four percent of caregiving workers and 52 percent of caregiving retirees say caregiving has had a negative impact on their mental health. Among caregiving workers, the financial tasks most often affected are saving for emergencies, at 56 percent, and working the hours they want or need, at 54 percent.
Retirement confidence gaps appear across income levels. Among those with household income under $35,000, 75 percent of caregivers are not confident they will have enough money to live comfortably throughout retirement, compared with 55 percent of non-caregivers. Even among those with household income of $75,000 or more, 32 percent of caregivers lack confidence, versus 23 percent of non-caregivers.
Caregivers also express greater concern about major risks that could affect retirement, including significant changes to the American retirement system, an economic recession, rising housing costs and the need to provide care for a loved one with a health condition or disability.
Among retirees, the impact continues. Fifty-six percent of caregiver retirees retired earlier than planned, compared with 44 percent of non-caregiver retirees. Caregivers were more likely to leave the workforce early because they had to care for a spouse or another family member. Caregiving retirees are also more likely to rate their current lifestyle in retirement as fair rather than excellent and to say their retirement is not what they envisioned, with several expenses higher than expected.
“Caregiving creates financial, health and social-emotional pressure at different life stages and ages — while people are working, as they prepare for retirement and after they retire. That pressure impacts work,” said Lisa Greenwald, CEO, Greenwald Research. “For employers, this is an opportunity to better understand the realities facing employee caregivers and to consider benefits, workplace flexibility, leave, education and support that can help workers remain productive, financially well and better equipped to manage caregiving responsibilities while also saving for retirement.”
The 2026 Retirement Confidence Survey was fielded online from January 2 to 28, 2026, with a total sample of 2,544 Americans age 25 or older. The analysis included 701 caregiver workers and 305 caregiver retirees. While caregivers often take many of the same planning steps as non-caregivers, the added responsibilities can make it harder to strengthen their finances. The findings point to opportunities for employers to support employee caregivers through flexibility, resources and benefits that reduce financial strain and help workers stay on track for retirement.
