Caregiving Responsibilities Challenge Women’s Financial Health

Caregiving responsibilities have led women to take actions that may harm their retirement savings, according to recent Nationwide’s Advisor Authority study. These actions include reducing work hours (26%), limiting professional development (19%), taking extended leave (18%), switching to part-time (13%), or delaying promotions (11%).

The data highlight a significant gap between advisers’ confidence in their ability to serve women clients and the actual experience of women investors. While advisers express understanding and readiness to work with women (95%), almost half of women (48%) feel uncertain about their financial goals when working with a professional.

The key takeaway from the study is that, despite advisers’ confidence in their expertise, the real challenge lies in communication and relationship-building, according to Nationwide. Financial professionals must not only offer solutions but also take the time to actively listen to their clients’ concerns, needs, and aspirations. A deeper understanding of women’s specific financial goals can help bridge this disconnect and lead to more meaningful, tailored advice.

Women investors do not all have the same concerns, said Amelia Dunlap, vice president of Nationwide Retirement Solutions Marketing, in a release about the survey. “We’re seeing each generation of women process these challenges in different ways, creating opportunities for financial professionals to better serve clients in these groups.”

Age Groups Show Differences

The focus for Gen Z women investors (aged 18-28) is addressing immediate financial obligations instead of long-term planning. Additionally, 35% of Gen Z women prioritize caring for family members as a top financial commitment over the next 12 months, the highest of any generation (compared to 23% of Millennials, 23% of Gen X, and 16% of Baby Boomers). Recognizing the need for support, about 23% of Gen Z women who care for children or aging parents plan to seek advice from a financial professional, slightly more than their Millennial and Gen X peers (22% each).

Caregiving commitments pose a major challenge for Millennial women (aged 29-44) as they report they are facing more impacts to their career compared to their older and younger peers.

To combat this, Millennial women are tapping financial advisers to guide them through uncertainty. Women investors in this generation who work with an adviser are most frequently discussing managing debt (32%), solidifying a long-term retirement plan or primary retirement goals (29%) and building up an emergency savings fund (27%).

Debt and career disruptions as they near retirement are the concern of Gen X women (aged 45-60). Forty percent list paying down debt as a top priority, which is hindering their retirement progress. One in five non-retired Gen X women feel significantly behind on retirement savings, with another 34% working to catch up.

Caregiving responsibilities have also impacted their financial situation, as 47% of Gen X women supporting children or aging parents have experienced career or income disruptions in the past five years. Additionally, 25% say caregiving has hindered their ability to save for retirement. These saving struggles and income disruptions have significantly impacted Gen X women’s retirement savings goals.

Boomer women (ages 61 and older) are less concerned with financial support and debt than younger generations, with 81% not supporting children or aging parents. Only 3% discuss debt with financial advisers, compared to 32% of Millennials.

As they approach retirement, 51% believe retiring at 65 doesn’t apply to them, with 35% expecting to retire between 66-70 and 17% not retiring by 70. One-quarter say recent economic conditions have delayed or altered their retirement plans.

According to a 2025 trend report from NFP there is a growing focus by employers on supporting workers in the “sandwich generation,” who care for both children and aging parents. Employers are offering comprehensive support, including financial counseling, elder care resources, and concierge tools for managing caregiving. These systems reduce caregivers’ mental and emotional burden while maintaining workplace engagement and productivity, with digital platforms enabling collaborative care management through secure, centralized storage of caregiving notes and appointments.