Financial Advisors Say Guidance and Policy Changes are Needed to Support Caregivers, Edward Jones Study Finds

With limited resources to support the growing number of American caregivers, 
financial advisors must be prepared to fill the gap 

ST. LOUIS, May 20, 2025 - A staggering majority of industry financial advisors (85%) currently work with clients who have caregiving responsibilities, according to a new study from Edward Jones in partnership with Morning Consult. With an aging population and the rise of multigenerational caregiving, the number of U.S. caregivers—already over 53 million[i]—is projected to grow significantly in the coming years.

An even greater number of financial advisors (88%) agree that caregiving is more financially challenging than their clients expected, with many unaware and underprepared for the full impact that caregiving will have on their own finances. With more clients stepping into this role, financial advisors must be prepared to help.

Financial advisors see financial strain and a need for guidance

More than nine out of 10 financial advisors (94%) agree that caregiving often entails significant financial sacrifices—and a majority (92%) agree that their caregiving clients are willing to reduce their own financial security to support their loved ones.

Caregivers face a multitude of challenges when planning for their financial future, among them financial advisors say the greatest obstacles are the financial demands of caregiving—including the expenses they face (68%) and a lack of awareness about available resources and support options (63%).

“It’s our responsibility as financial advisors to help clients support their loved ones—without losing sight of their own financial goals,” said Shane Jacksteit, financial advisor at Edward Jones in Sunnyvale, Calif. “Our financial advisors are ready to handle complex financial situations—caregiving included. When clients plan ahead and seek out advice, they can support their loved ones with more confidence and control,” Jacksteit said.

Financial advisors highlight key savings tools and programs for caregiving clients

Financial advisors are an important resource for caregivers because they support clients navigating caregiving responsibilities and can help ease the financial burden—whether through retirement savings tools, insurance policies or government assistance programs. According to the study, half of financial advisors agree that the following tools are some of the most effective when advising caregiving clients:

• Health Savings Accounts (HSAs) (51%)
• Long-term care insurance policies (51%)
• Roth or traditional IRA strategies (50%)
• Government assistance programs (50%)

Supporting caregivers takes more than advice – financial advisors push for legislative change

It’s clear that caregivers face a slew of challenges and more needs to be done to alleviate their financial strain. An overwhelming majority of financial advisors (87%) agree that government policies to support caregivers are inadequate, according to the study.

More than 90% of financial advisors say they would support legislation allowing caregivers who have scaled back working or left the workforce to make additional 'catch-up' contributions to retirement accounts.

“Edward Jones understands the importance of federal support for caregivers and actively is advocating on their behalf by promoting policy initiatives designed to enhance retirement preparedness,” said Emily Stewart, financial advisor at Edward Jones in Newton, Kan. "As a firm, we're championing caregivers nationwide by supporting policies that promote long-term financial well-being for our clients, colleagues, communities and society as a whole."

Edward Jones supports the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act , sponsored by Sens. Susan Collins, R-Maine and Mark Warner, D-Va. and Reps. Brittany Pettersen, D-Colo. and Maria Elvira Salazar, R-Fla., to help the millions of Americans who provide caregiving services to family and friends. These bills would build on the success of the SECURE 2.0 Act by providing additional savings opportunities for caregivers. This legislation would provide additional savings opportunities to help the millions of Americans who provide caregiving services to family and friends, including:

• For every year an individual certifies on their tax return that they were unable to work at least 500 hours due to caregiving needs and provides over 500 hours of caregiving services, they receive an additional year at a higher catch-up contribution limit (they may use the higher limit for up to five years)
• Permits caregivers with little or no earned income to fully contribute to a Roth IRA

To advocate for issues important to individual investors, including the Caregivers Acts, Edward Jones' Grassroots Legislative Task Force will meet with U.S. legislators for its 40 ^th year from May 20 – 22, 2025 in Washington, D.C. The Task Force is made up of more than 100 Edward Jones financial advisors and client support team professionals from all 50 states and is the securities industry's only volunteer advocacy organization.

To learn more about Edward Jones’ advocacy to support caregivers and to find a financial advisor if you are a caregiver, please visit www.edwardjones.com/caregiving. 

Methodology

This survey was conducted by global data intelligence company Morning Consult among a national sample of 205 financial advisors from February 28, 2025 – March 11, 2025. In this study, “caregiving,” refers to unpaid care and support provided to a young child, family member, or friend due to age, illness, disability, or other needs. This may include helping with daily activities, managing finances, providing transportation, or offering emotional support.

About Edward Jones

Edward Jones is a leading North American financial services firm in the U.S. and through its affiliate in Canada. The firm’s more than 20,000 financial advisors throughout North America serve more than 9 million clients with a total of $2.2 trillion in client assets under care as of December 31, 2024. Edward Jones' purpose is to partner for positive impact to improve the lives of its clients and colleagues, and together, better our communities and society. Through the dedication of the firm's approximately 55,000 associates and our branch presence in 68% of U.S. counties and most Canadian provinces and territories, the firm is committed to helping more people achieve financially what is most important to them. The Edward Jones website is at www.edwardjones.com , and its recruiting website is www.careers.edwardjones.com . Member SIPC. 

About Morning Consult

Morning Consult is a global decision intelligence company changing how modern leaders make smarter, faster, better decisions. The company pairs its proprietary high-frequency data with applied artificial intelligence to better inform decisions on what people think and how they will act. Learn more at morningconsult.com.