CARING FOR PARENTS

Nearly half of "sandwich generation" women are bending under financial pressure

A new study by Edward Jones offers yet another vantage point to show how women across America are left on the financial back foot as their outsized role in the household takes its toll.

The research, conducted in partnership with NEXT360 and Morning Consult, reveals nearly half of American women in the "sandwich generation" – those responsible for caring for both children and aging relatives – are feeling the strain on their finances. According to the research, 48 percent of women in this group are under financial pressure, which is negatively impacting their ability to save for the future.

This isn't the first time the sobering realities of the sandwich generation has been documented. In a May study by the Alliance for Lifetime Income, 38 percent of financial consumers in the so-called Peak 65 zone said they have at least one living parent or in-lay, while another 28 percent said they're providing financial support for adult relatives. Another study by The Guardian Life Insurance Company of America last month found sandwich-gen Americans in dire straits, with 43 percent and 41 percent citing poor mental and financial health, respectively.

The study highlights the challenges women in particular face in balancing caregiving with financial responsibilities, with nearly two-thirds (64 percent) of women in the sandwich generation stating that caregiving has hindered their ability to reach financial goals. Around three-fifths (57 percent) said they had to cut back their professional workload in favor of their home duties, resulting in a loss of income. The impact extends beyond finances, as caregiving responsibilities also affect women’s health and sense of purpose.

For many families, late summer ushers in the annual ritual known as “back to school.” Dreaded by kids and celebrated by parents, the return to school marks a time of transition to more rigid schedules after a few months of fun and flexibility.

But for sandwich generation caregivers – those who are raising a family while caring for a parent – the new school calendar and all the activities associated with it can add to an already hectic schedule.

National surveys have found that there are approximately 11 million sandwich generation caregivers, with approximately 2.5 million caring for someone with Alzheimer’s. And, the number of sandwich generation caregivers is expected to grow as Baby Boomers increasingly move into retirement age and live longer lives.  .
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