Managing finances for the Sandwich Generation

[marmar]

Managing finances for the Sandwich Generation
Adults who support their children and their aging parents are often financially burnt out

By Kim Porter
Published December 1, 2024 9:00AM (EST)


(Salon) About a quarter of Americans are part of the sandwich generation, a group of adults who are financially supporting their children while also helping their aging parents with finances and health issues. Men and women are equally stepping into this role, usually while in their 30s and 40s, according to a 2023 New York Life survey.

Though caregiving can be a positive experience, nearly half of those survey respondents say it has impacted their personal finances. Many report contributing less (or nothing) to their retirement and emergency savings, taking on more debt, or cutting back on expenses while juggling care for their parents and kids.

But undermining your own financial security can lead to more problems, said Cameron Huddleston, a journalist and author of “Mom and Dad, We Need to Talk,” a book that helps adults communicate with their aging parents about finances.

“You’re only going to perpetuate that cycle, and your own kids are going to need to step in later on and perhaps support you if you don’t have the resources,” said Huddleston, who provided care for her mother while raising three young kids with her husband. .............(more)

https://www.salon.com/2024/12/01/managing-finances-for-the-sandwich-generation/