Unready: The state of preparedness of current and future caregivers

This TIAA Institute research examines how working-age Americans with aging parents anticipate and prepare for caregiving responsibilities. The study compares expectations of future caregivers with the actual experiences of current caregivers, revealing significant gaps between perception and reality.

Summary

Despite having reasonable expectations about time and financial costs, future caregivers consistently overestimate the availability of external support and underestimate the negative impacts of caregiving on their employment and finances. The research, which surveyed 1,249 US adults ages 40-64 with at least one living parent, found that while 39% of future caregivers expected to use paid care services, fewer than 20% of current caregivers actually do so. Future caregivers also tend to overestimate their parents' preparedness, with 69% believing their parents are well-prepared compared to just 50% of current caregivers who found this to be true. The study reveals a troubling gap between awareness and action, with many future caregivers spending little time planning despite accurately recognizing potential burdens—leaving households vulnerable to significant financial strain when caregiving begins.

Key Insights

• Future caregivers significantly overestimate external support: 39% expect to use paid care services, but only 20% of current caregivers actually do.
• Caregiving that begins due to a health crisis has more severe impacts: only 32% of crisis-onset caregivers report no financial impact versus 46% of non-crisis caregivers.
• Future caregivers underestimate employment disruptions and overestimate help from family members, with 31% of current caregivers reporting they receive no family assistance.
• Despite recognizing caregiving risks, future caregivers devote little time to concrete planning and overestimate their parents' preparedness by nearly 20 percentage points.
• An estimated 37.1 million Americans over age 15 provided unpaid elder care in 2023, with caregivers spending an average of 24.4 hours per week providing care.

Methodology

This research is based on a survey of 1,249 US adults ages 40-64 with at least one living parent, conducted in September-October 2024 in partnership with Edge Research. The sample was weighted to be representative of the US population in this age range and included 543 current unpaid caregivers (43%), 381 future caregivers who anticipate providing care (31%), and 325 non-caregivers (26%). Respondents were asked detailed questions about caregiving experiences, expectations, time and financial commitments, family dynamics, and their parents' preparedness for aging and care needs.