As millions of Americans take on caregiving roles, the financial burden is growing and many are unprepared, according to a nationwide study conducted by Edward Jones, in partnership with Morning Consult. The study reveals that 85% of financial advisers work with clients who have caregiving responsibilities, many of whom face unexpected costs and difficult financial trade-offs.

Almost nine in ten advisers (88%) agree that caregiving is more financially challenging than their clients expected, with many unaware and underprepared for the full impact that caregiving will have on their own finances. With more clients stepping into this role, financial advisers need to be prepared to help, Edward Jones says.

With an aging population and the rise of multigenerational caregiving, the number of U.S. caregivers, already over 53 million, is expected to grow significantly. In response, the Edward Jones report says financial advisers are stepping up to guide, support, and advocate for this expanding group.

According to the report, 74% say they believe employers should offer benefits such as financial support or flexible work arrangements for employees with caregiving responsibilities, reflecting a growing demand for supportive workplace policies. This is particularly relevant for caregivers of children younger than 5, with 87% in favor of such benefits.

According to a 2025 trend report from NFP there is a growing focus by employers on supporting workers in the sandwich generation who care for both children and aging parents. Employers are offering comprehensive support, including financial counseling, elder care resources, and concierge tools for managing caregiving. These systems reduce caregivers’ mental and emotional burden while maintaining workplace engagement and  productivity, with digital platforms enabling collaborative care management through secure, centralized storage of caregiving notes and appointments.

Shane Jacksteit, a financial adviser at Edward Jones, emphasized the importance of planning. “It’s our responsibility as financial advisers to help clients support their loved ones—without losing sight of their own financial goals,” said Jacksteit. “Our financial advisers are ready to handle complex financial situations—caregiving included. When clients plan ahead and seek out advice, they can support their loved ones with more confidence and control.”

According to the Edward Jones report, half of financial advisers agree that the following tools are effective when advising caregiving clients: Health Savings Accounts; Long-term care insurance policies; Roth or traditional IRA strategies; Government Assistance Programs.

Advocating Caregiver Financial Relief

Edward Jones noted its support for two pieces of bipartisan legislation aimed at strengthening financial security for caregivers: the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act, sponsored by Sens. Susan Collins (R-Maine) and Mark Warner (D-Virginia), and Reps. Brittany Pettersen (D-Colorado) and Maria Elvira Salazar (R-Florida).

These bills build on the SECURE 2.0 Act, offering additional retirement savings opportunities for the millions of Americans providing unpaid care to family and friends. Key provisions include allowing caregivers who provide over 500 hours of care annually and are unable to work at least 500 hours to qualify for higher catch-up retirement contribution limits for up to five years. They also permit caregivers with little or no earned income to make full contributions to a Roth IRA. These proposed changes recognize the economic value of caregiving and aim to ensure caregivers can better prepare for their own financial futures.

The survey found 87% of financial advisers say current government policies for caregivers are inadequate and more than 90% support legislation that would allow caregivers who’ve reduced or left paid work to make additional catch-up contributions to retirement accounts.

Other caregiving legislation proposals include The Lowering Costs for Caregivers Act, introduced May 1 by U.S. Senators Jacky Rosen (D-Nevada) and Bill Cassidy (R-Louisiana). This bill would allow caregivers to use tax-free flexible spending accounts (FSAs) or health savings accounts (HSAs) to pay for qualified medical expenses of a parent or parent-in-law.

Also in consideration is the Credit for Caregiving Act, reintroduced in March by Representative Mike Carey (R-Ohio), which proposes a federal tax credit of up to $5,000 per year to help eligible working family caregivers offset the costs of caring for a spouse or other loved one with long-term needs.