Value of lost leisure among sandwich generation women performing caregiving duties for older parents

Abstract

This study evaluates the extent of leisure time loss experienced by middle-aged women in South Korea who care for their aging parents and quantifies the monetary value of this lost leisure time. By employing an open-ended direct question, we derived respondents' willingness to pay and willingness to accept compensation for leisure time lost due to caregiving duties. Our findings reveal that middle-aged women engaged in regular caregiving are willing to pay an average of 9313 KRW (US$7.74) per hour for leisure time and would require 13,539 KRW (US$11.40) per hour as compensation for their lost leisure. The annual total monetary value of leisure time loss for consistent caregivers was estimated to range between 7403.4 billion KRW (US$6232 million) and 10,127.5 billion KRW (US$8525 million). The study highlights the significant challenges faced by caregivers, particularly middle-aged women, emphasizing the need for social awareness and discussions on gender role distribution to promote gender equality. It underscores the importance of developing effective support policies, including financial compensation and mental health resources, to alleviate caregivers' dual burden of work and home responsibilities. Understanding the economic impact of leisure time loss can help address long-term socioeconomic issues associated with an aging society, crucial for improving the efficiency and sustainability of care services for the older generation. The economic value estimated in this study will provide essential information for evaluating the cost-effectiveness of public services, supporting the economic feasibility of policies and programs, especially because respite services involve significant government expenditure.