We already know from research and day-to-day experiences that many women continue to play a primary role in caring for their children while balancing their careers. But recent studies also reveal women increasingly assume unpaid caregiving responsibilities for adults in their lives — most often for their parents. Sometimes, these caregiving responsibilities become full-time jobs themselves and cause women to put their professional career aspirations on hold so they can support their family members and loved ones.
As we work with our clients to secure their financial growth and health, we at The Humphreys Group are studying how taking on the role of “unpaid caregiver” can affect a woman’s employability and long-term finances. We’ve learned that it is particularly important for unpaid caregivers to stay diligent when developing their investment plans.
A variety of industry reports and media sources (such as these articles from The New York Times and The Atlantic) reference studies that reach similar conclusions: women’s savings, earnings, benefits and future employability are all at risk when they move from the paid workforce to take on the unpaid work of caring for an ailing parent. While some organizations are making progress toward developing policies that offer unpaid caregivers social, emotional, physical and financial support, many workplaces and current employment practices still do little to account for the time and attention that unpaid caregiving demands of working professionals.
How would you prepare if you were called upon to serve as an unpaid caregiver at some point during your working life? At The Humphreys Group, we apply a four-step strategy, steeped in our experience and knowledge, to help clients maintain their financial well-being, whatever their life circumstances. Together, we:
- Discover what matters most to you. We learn about your values, goals and dreams, and answer any questions in a spirit of partnership that establishes clear communications about how we will work together to realize them.
- Plan for changing life circumstances. We provide you with a comfortable, collaborative setting that enables you to keep moving forward with confidence in your financial life, as well as personally and professionally.
- Invest with discipline and perspective. We take our responsibility to ensure each client’s well-being seriously, and use the science of capital markets to help build resilient portfolios that can weather the wide ranges of market volatility.
- Connect in small group discussions. For many of us, talking about money and financial plans, especially with those closest to us, can be a tension-filled challenge. In small groups that meet periodically, we foster ways that help our clients feel more comfortable and gain confidence to have those conversations. Our “Insights & Outcomes” Conversation Circle series prompts women to discuss, contemplate and connect with each other about the important aspects of finance and investing that lie outside of the numbers.
We believe women should understand how taking care of their aging family members may impact their lives. If you believe you may be called upon to assume an unpaid caregiving role at some point in your career — or are already doing so — contact The Humphreys Group to start a conversation about how we can help you secure and maintain your well-being.