Caring and long-term care systems must evolve to provide equitable and sustainable support for both carers and recipients. The role of carers is becoming increasingly critical as the population ages, yet the economic realities they face are often overlooked. Many carers juggle their responsibilities alongside work and personal commitments, leading to financial strain, physical and emotional stress and long-term insecurity. Addressing the economics of caregiving and long-term care is essential not only for the well- being of carers but also for the sustainability of the healthcare and care systems as well as the overall economy. In many cases where carers are also still responsible for children, the burden can be exacerbated by the lack of availability of sufficient and affordable childcare. The burden of caring is substantial: –According to the ILO, the economic value of unpaid care work is estimated to be 9% of global GDP , underscoring its substantial yet often unrecognized contribution to the economy.63 In the United States alone, family carers provide an estimated $600 billion worth of unpaid care annually.64 –Older spousal carers (aged 66–96) who experience care-related stress have a 63% higher mortality rate than non-carers of the same age.65 –Across the world, women carry out more than 75% of all hours providing care.66 A separate study indicated that this disproportionate responsibility prevents 708 million women (and 40 million men) from participating in the labour market, significantly affecting broader economic growth.67 –In many countries, access to affordable childcare remains a critical barrier to labour force participation. The Organisation for Economic Co-operation and Development (OECD) reports that in some nations, childcare costs represent as much as 25–30% of household income, making it financially unfeasible for many parents – especially mothers – to remain in the workforce.68 To meet the needs of an ageing population and achieve the United Nations Sustainable Development Goals related to health and well-being, the global economy will need to create 475 million care jobs by 2030.69 Similarly, expanding access to affordable childcare and early childhood education can enable parents to remain in the workforce while ensuring better outcomes for children. Unpaid informal care subsidizes health and long- term care systems. Addressing these challenges requires a fundamental shift in how societies approach caring and long-term care. It is essential to promote the well-being of carers and ensure that they can continue to provide care without jeopardizing their financial futures. Policies and investment must focus on creating robust formal care infrastructure that complements informal care. The growing financial burden of caring is straining individuals and families. As care provision needs increase with ageing populations, families face mounting expenses for professional care, medical services and support. At the same time, childcare costs remain prohibitively high in many parts of the world, creating a dual financial challenge for parents who are also responsible for caring for older family members. Research shows that workforce interruptions due to providing care can have long-term financial consequences, with working parents – particularly mothers – potentially retiring with 22% less in retirement savings than those who do not take time out of the workforce.70 In many countries, the lack of affordable options forces individuals to rely heavily on unpaid carers, who often sacrifice work hours or leave the workforce entirely. As an example in the US, nearly 70% of family carers report difficulty in balancing their career and caring responsibilities, and nearly 30% of working carers have shifted from full- time to part-time work or have reduced their hours.71 This dynamic not only affects household income but also contributes to long-term financial insecurity, including reduced retirement savings. Caring now represents a significant and often unplanned financial challenge for many families. In many regions, roles providing care are increasingly filled by migrant workers, predominantly women, who often move in search of better economic opportunities.4.1 The case for action 4.2 Understanding the challenges To meet the needs of an ageing population and achieve the United Nations Sustainable Development Goals related to health and well-being, the global economy will need to create 475 million care jobs by 2030. Future-Proofing the Longevity Economy: Innovations and Key Trends 32

Future Proofing the Longevity Economy 2025