A new era of advisor support for caregiving

Caregiving is shaping families in a powerful way. As more households take on this responsibility, financial professionals are an important resource in helping guide families with their holistic planning around health, wealth, and connection.

According to the 2025 Caregiving in the U.S. report, released by AARP and the National Alliance for Caregiving, 63 million Americans in the U.S. now identify as caregivers, a 50% increase from the last time the survey was conducted in 2015. This rapidly growing population is stepping up in remarkable ways. For example, more than 40% of caregivers now provide high-intensity care, which includes complex medical tasks such as administering injections. Although only 22% report receiving formal training, many caregivers are independently learning new skills to better support their loved ones. These activities can create pressure, as families work to manage time and resources effectively across caregiving and other major life priorities.

The growing reality: Balancing caregiving roles and personal goals

Caregiving is a complicated balancing act. Increasingly, a group of caregivers known as “the sandwich generation” supports both children and parents, as they offer care to older and younger generations at the same time. Representing 29% of all caregivers, these individuals are faced with a range of pressures as they care for their children, tend to older relatives and work to maintain their own lives.

This convergence places pressure on time and resources, often leading financial well-being to take a back seat. In fact, nearly half of caregivers report experiencing a negative financial impact due to caregiving, and one in four have taken on debt due to caregiving responsibilities. These realities highlight why proactive planning is essential for long-term stability.

How financial professionals can help

Financial professionals are a key resource in helping families maintain long-term financial security while meeting caregiving responsibilities. As caregivers plan for the next 5, 10, or 15 years, agents and advisors can help them slow down, ask the right questions, and implement strategies that protect their own financial goals.

For example, sandwich caregivers often aim to grow both their own retirement savings and preserve assets for future generations. To meet these goals, financial professionals can help assess and recommend financial products such as life insurance, which helps protect families from a range of unexpected events, and long-term care insurance, which helps preserve assets and reduce out-of-pocket costs in the event care is needed.

Financial professionals are especially important for sandwich caregivers, who are less likely to have the time to explore these options on their own. Together, financial professionals and sandwich caregivers can outline strategies that meet the demands of caregiving and create a financial cushion for the future. Integrated strategies that combine a range of solutions, such as long-term care and life insurance, better position caregivers for longer-term financial stability and with it, peace of mind.

In fact, just working with a financial professional can help alleviate mental stress. Recent New York Life research shows that 85% of Americans working with a financial professional are confident in their ability to meet their financial goals, compared with only 58% of those not working with a financial professional. These findings reveal how financial guidance can extend beyond numbers, providing families with clarity around their overall financial picture, and the confidence to achieve their goals.

Leading clients toward stability and strength

Beyond investment advice and retirement planning, financial professionals can help clients address caregiving and long-term care needs. This support includes:

• Helping clients navigate sensitive discussions about aging, caregiving and long-term care preferences
• Helping coordinate with health care professionals and eldercare specialists, or recommending trusted resources
• Integrating estate planning and other strategies to protect income and assets while preparing for potential health-related expenses

 

Financial professionals have the power to lead conversations with their clients about caregiving and the long-term planning journey, especially as people live longer and the number of caregivers continues to increase. By initiating conversations about caregiving and long-term planning, agents and advisors can help families build the future with clarity and confidence.

 

© Entire contents copyright 2025 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.