Two out of three family caregivers are female. Although current trends show that men are more likely to undertake caregiving duties, female caregivers report a higher burden. While these caregiving roles are invaluable, they come at a significant financial cost, particularly when it comes to saving for retirement.
In 2022, the Pew Research Center found that women earned an average of 82% of what men earned, a figure that has remained nearly unchanged since 2002. This persistent wage gap, combined with career interruptions, makes it even harder for women to build financial security.
A study by the Financial Health Network highlights the impact of caregiving on women’s careers. It found that 70% of women with children under 18 make a career change—whether by reducing their hours, taking a leave of absence, or switching to a less demanding job. Many of these same women also take on the responsibility of caring for aging parents later in life. As a result, their ability to save for retirement is severely impacted. The study further revealed that 35% of non-retired women aged 50-64 report having no personal retirement savings at all.
A Personal Story of Caregiving and Career Challenges
In 2017, I faced this reality firsthand. I moved both of my elderly parents into my home after my father underwent brain surgery and my mother showed signs of advancing dementia. With two teenage children at home, the responsibilities were overwhelming. Sleepless nights became the norm as my parents’ confusion worsened in the dark hours.
Eventually, my father’s health improved enough for both parents to return to their home with the assistance of home health services. Shortly after, my children had also graduated and left for college, leaving me in a home that had suddenly gone from chaos to silence. The contrast was stark—after years of constant demands, I was left to navigate an unexpected identity shift.
Why Financial Planning Matters for Women
April’s Financial Literacy Month has been particularly meaningful as I reflect on the roots of Favored Financial Planning, LLC. My personal experiences have given me deep insight into the financial and emotional challenges that come with pausing a promising career, caring for loved ones, and rediscovering oneself in an empty nest.
Women deserve financial independence and security, no matter their journey. That’s why I’m committed to being an ally—helping women plan for the future, regain financial confidence, and build lasting security. If you’re facing similar challenges, know that you don’t have to navigate them alone. Contact Favored Financial Planning today 336-422-6734.
https://pmc.ncbi.nlm.nih.gov/articles/PMC11177503/
Financial Health Network (2022) – “New Financial Health Study Examines Deep Gender Gap in Financial Health with Men Nearly 50% More Likely to be Financially Healthy”
Pew Research Center (2023) – “Gender pay gap in U.S. hasn’t changed much in two decades“
