My sister and I took care of our mother during the last months of her life. She developed fast-growing brain tumors and, mercifully, was incapacitated and bedridden for only a few months before she passed away. We quickly became exhausted and unable to physically care for her without professional help as she declined. It was a shock to discover how expensive it is to hire home health support and how little the long-term care insurance, for which she had been paying over decades, would reimburse. None of us had the financial means to pay for much support for very long. She passed quickly, but a family can rapidly become financially drained trying to care for family members. Realistically, women pay the biggest price for both elder care and childcare—as unpaid family caregivers.
I just came across an interesting new study, reported in the Harvard Business Review (HBR), showing that companies run by male executives with female children rated higher on measures of corporate social responsibility (CSR), defined as “measures of diversity, employee relations, and environmental stewardship,” than is true for comparable companies led by men with no daughters. This means that male CEOs with daughters spend significantly more net income on CSR priorities than is true for other companies (unless the CEO is a woman, but more on this later).