The economy doesn’t care if you volunteer in your community. In fact, the Gross Domestic Product doesn’t count volunteer work at all, and that includes unpaid care-giving for a sick loved one. But with such high costs for elderly home care, there’s often no alternative, as Marketplace’s Chris Farrell says.
“The economic value of this unpaid work? It’s enormous,” says Farrell, noting how the MetLife Foundation tried to come up with a figure for adults taking care of their aging parents. Including lost wages, lost Social Security benefits and lost potential savings, they added it all up to $3 trillion.
Click the audio player above to hear more of Chris Farrell’s thoughts on what unpaid care-givers face in today’s economy.
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.