The Challenges of the Sandwich Generation
Being a part of the “Sandwich Generation” can be extremely challenging. These are family members who are “sandwiched” between their elderly parents and their young adult children. Typically, it accounts for people in their 40s or 50s. A recent 2021 survey reported most are in their 40s, at the heart of Generation X. An additional study found that the average caregiver is a 49-year-old woman. In recent years, the traditional “Sandwich Generation” has expanded the “menu.” Now, there’s the “Club Sandwich Generation” which are older adults in their 50s and 60s who are wedged between their older parents, their adult children who are in their 30s and 40s and then their grandchildren. There’s also the “Open Faced Sandwich Generation” which is anyone who is non-professionally involved in elderly care, which is estimated to be 25% of us at some point in life. All three of these terms encompass hard challenges. Statistics show that the financial burdens that come along with being a part of these generations are rising. A 2022 study of yearly, monthly, daily, and hourly caregiving costs provided average expenses per state and type of care. Depending on the need, from in-home care to community and assisted living to nursing home residences, the numbers were steep—some exceeding six figures annually. Even before formal care options, these overwhelmed caregivers are spending an average of $10,000+ per year providing for both their children and parents. Even with many Generation X being employed, they’ve taken a reduction in savings and some have increased their debt. 55% of Gen Xers can count on retiring with enough money, a significantly lower percentage versus their younger, more universally recognized rival, the Millennials, at 67%. 43% of Gen Xers say [...]