Financial literacy is one’s ability to understand the tools and concepts needed to make sound financial decisions. Often, this includes effective budgeting, saving, and investing but extends into income security. A lack of knowledge can inhibit consumers from protecting their income with products like life insurance and annuities.
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Even before the COVID-19 pandemic, unpaid caregivers struggled with the demands of work and saving for the future. The pandemic brought on additional work/life disruptions with stay-at-home orders, school closures, and reduced ability to outsource caregiving. The challenges also affect workers’ future retirement security since retirement income is often dependent on one’s ability to work and, through that work, accumulate savings.
A new Secure Retirement Institute® (SRI®) study, Staying the Course: Navigating Unpaid Caregiving Obstacles to Retirement Security, explored the impact of caregiving on workers’ retirement savings, as well as the actions and employer benefits that may help caregivers plan for a secure retirement.