A Data-Driven Approach to Care
Caregivers are vital to our nation and economy, yet both private and public sectors fail to adequately invest in the care system. This burden disproportionately falls on families, especially women, who often face significant financial and career setbacks. A recent survey by Pivotal Ventures and Bipartisan Policy Center Action, conducted by Morning Consult, reveals that two-thirds of caregivers experience financial strain, with over a third accruing additional credit card debt. Women frequently reduce work hours or leave jobs due to caregiving, resulting in billions in economic losses annually.
However, effective solutions exist. Data from Pivotal and partners show widespread public support for increased caregiver support, which could lead to a fairer society, more competitive businesses, and a stronger economy. According to the Morning Consult survey, 82% of U.S. voters believe it’s crucial for policymakers to support caregiving investments. This sentiment is shared across political lines: 89% of Democrats, 80% of Republicans, and 77% of Independents agree.
Policymakers can implement various measures, such as tax credits, financial aid for caregiving, and a national paid family and medical leave policy. These ideas are supported by at least 75% of voters. Pivotal’s partners, including Bipartisan Policy Center Action, First Five Years Fund, and Caring Across Generations, are advocating for these policies to support families and bolster the economy.
Companies also have a role in supporting caregivers. Childcare and caregiving benefits are crucial for attracting and retaining top talent. According to Moms First’s 2022 report, over 80% of parents with young children consider these benefits essential. A Harvard Business School study found that a third of respondents left jobs due to caregiving responsibilities. The survey indicates that 65% of voters consider caregiving benefits important in job selection. With employee turnover costing U.S. businesses over $1 trillion annually, offering caregiving support could result in significant savings.
Investing in caregiving innovation is also critical. Americans spend $648 billion annually on care, managing $6 trillion in household income. Pivotal Ventures supports venture capital funds and startups focused on caregiving, like Guaranteed and Cocoon. The care economy is expanding, presenting opportunities for investors and innovators to make impactful contributions.
Pivotal will continue to support efforts ensuring public officials recognize the importance of caregiving investments, aligning with the needs and wants of American voters.
Re-reported from the article originally published in PIVOTAL.
