Americans are getting older. By 2032, about a quarter of the US population will be over 65, up from 10% in 1970. And while it’s true that people are both living and staying healthier for longer, many will eventually need someone to care for them. A report by Wells Fargo in March estimated that an additional 1.7 million people will need some form of elder care in a decade.
This is hard on families for so many reasons — emotional, logistical — but today I’ll focus on the economic ones. First, the good news: The rise in the need for elder care means there will also be an increase in the number of elder care jobs available. The Department of Labor projects that the elder care industry will add 22% more jobs by 2032, and the majority of them will probably go to women. (Currently 82% of home health and personal care aides are women.)
Now the bad news: the pay for elder care is notoriously low, with a median salary of just $33,530 per year. That’s less than what preschool teachers ($37,130) and secretaries make ($46,010), and roughly on par with that of a childcare worker. The rise in demand has led to an increase in wages, but the pay is still pretty bad. That’s why, much like child care, the elder care industry is beset by staffing shortages and a high turnover rate.
Also like child care, elder care is incredibly expensive.
America’s ‘Silver Tsunami’ Crisis Is Only Just Beginning @markets https://t.co/Hnn7PVN9Kl
— Amb Antonio Garza (@aogarza) June 21, 2024