Care and Capital: Helping Women Navigate Financial Goals While Caring for Loved Ones 

By Jillian Berry, PhD Candidate

Caregiving is a profound act of love, but for many women, it carries hidden financial, emotional, and mental costs that quietly undermine long-term security.  

Whether caring for children, aging parents, spouses, or other loved ones, women often juggle complex responsibilities that stretch far beyond the home. The impact can often lead to reduced income, missed career opportunities, and emotional burnout that can go unnoticed until it affects retirement readiness and overall well-being. 

For Financial Advisors, trust begins with empathy and understanding. Without a strong support network, women caregivers often feel unseen in financial conversations. Advisors who recognize this can offer proactive guidance that helps clients navigate uncertainty.

The Overlooked Financial Toll 

Women make up 60% of caregivers in the U.S., with 29% of these caregivers being part of the “sandwich generation,” caring for both children and aging adults (1). These financial consequences are significant and often underestimated: 

• Income Reduction: 69% of working caregivers report having to rearrange work schedules, reduce hours, or take unpaid leave, resulting in lost wages and benefits. (2) 

• Lost Career Advancement: Stepping back professionally can mean missed promotions, networking opportunities, and long-term earning potential. 

• Increased Expenses: Caregivers spend on average $7,242 annually on caregiving-related expenses, (3) using out-of-pocket costs for things like medical supplies, transportation, and home modifications. These costs are rarely budgeted for and can derail even the most well-planned financial strategies. 

• Retirement Savings Gaps: Women caregivers face lower lifetime wages, limited access to pensions, and reduced Social Security benefits due to interrupted work histories. (4) 

Actionable Strategies for Financial Advisors to Support Caregivers 

Financial Advisors can help women caregivers plan for their financial futures by addressing key gaps with strategic, personalized planning. 

• Caregiver Tax Credits: Help clients explore federal and state tax benefits that can potentially offset caregiving expenses. 

• Long-Term Care Planning: Discuss insurance options and savings strategies to prepare for future care needs. 

• Emergency Funds: Encourage building a flexible fund to help fund unexpected caregiving costs. 

• Flexible Retirement Strategies: Consider phased retirement, catch-up contributions, and spousal IRA options. 

The Hidden Emotional and Mental Costs 

While financial strain is visible, the emotional toll of caregiving is often overlooked. Women caregivers experience higher stress, social isolation, and mental health challenges as they manage multiple roles. 

• Stress & Burnout: Women caregivers report higher levels of emotional stress and burnout, often due to the intensity and duration of care responsibilities, making it harder to focus on long-term planning.  

• Isolation: Many caregivers lose social connections as caregiving demands limit personal time. 

• Mental Health Risks: 43% of caregivers show clinically significant depressive symptoms, and 56% report anxiety or depression within the last six months(5).  

Women caregivers need more than financial spreadsheets; they need trusted partners who simplify decisions, prioritize what matters, and connect them to helpful resources. Advisors who recognize the emotional complexity of caregiving can help clients make clear, confident financial decisions. 

Supportive Practices for Advisors:

• Simplify the process and break down complex financial choices into manageable steps. 
• Help prioritize balance caregiving duties with personal financial goals. 
• Connect to resources such as community programs, employer benefits, and legal support. 

Caregiving journeys are non-linear. Flexibility, empathy, and ongoing engagement are key to lasting relationships with women clients. 

Ready to Serve Women with Purpose and Impact?  

For Advisors who believe women deserve more than a one-size-fits-all approach, the StrongHer Money® Ambassador program offers a path to:  

• Build the knowledge and insight to connect with women on a deeper level.  

• Leverage tools that bring intentional strategies to life.  

• Join a community committed to advancing meaningful change.  

Become a StrongHer Money® Ambassador and start building a business designed to empower women and drive sustainable growth. Start your journey today. 

Are you an Advisor who wants to better attract, win, and serve women throughout all life stages?  

Let’s talk about how to build a client experience that speaks directly to them. 

Sources: 

1. AARP. (2025). Exclusive: AARP-NAC Report Finds 45% Increase in Americans Providing Care. Caregiving Crisis in America Keeps Growing  

2. Family Caregiver Alliance. (2025). Caregiver Statistics: Work and Caregiving. Caregiver Statistics: Work and Caregiving 

3. AARP. (2021) Family Caregivers Spend More Than $7,200 a Year on Out-of-Pocket Costs. Family Caregivers Experience High Out-of-Pocket Costs  

4. Family Caregiver Alliance. (2025). FCA Report Examines Effects of Caregiving on Retirement Planning. FCA Report Examines Effects of Caregiving on Retirement Planning 

5. Family Caregiver Alliance. (2025). Caregivers at Risk. Caregivers at Risk