By Gregory Wilpert
GREG WILPERT It’s The Real News Network and I’m Greg Wilpert in Baltimore.
In most societies, there is a large-scale phenomenon of unpaid caregiving. People who care for children and elderly members of their family as well as those who care for friends in need, are not just doing hard work which is not remunerated with a salary, but they are also vulnerable to risk of poverty when they reach retirement age. A new report by the Political Economy Research Institute (PERI) found that unpaid caregivers in the US are more likely to have less retirement savings. The report is based on federal statistical data from 1989 to 2016 and is titled “Unpaid Family Caregiving and Retirement Savings.” The reason for the lack of retirement savings among caregivers is twofold. First, caregivers tend to have a smaller income, and thus have less money to save for retirement. And second, caregivers also tend to experience more employment volatility in the workplace so that income tends to fluctuate more, making it difficult to set aside a fixed amount of money for retirement every month.
We are now joined by one of the two authors of the study, Christian Weller, who discusses this report….