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In 2023, things have changed for the Sandwich Generation. This group, made up of adults who take care of both their kids and aging loved ones, looks different than it did in 2020. Here’s what’s happening:
More Balanced Gender Mix:
Back in 2020, most caregivers in this group were women (64%), but now it’s more balanced. In 2023, 45% are women, and 55% are men.
Millennials Are Stepping Up:
Millennials are getting more involved in caregiving. In 2023, 66% of caregivers are Millennials, while in 2020, it was only 39%. Gen Xers are also in the mix, with 23% of caregivers in 2023, compared to 40% in 2020.
More Hispanic adults (25% in 2023, up from 15% in 2020) are part of the Sandwich Generation now.
The Caregiver’s Role:
- Most folks in this group (87%) take care of both an older family member and a child under 18.
- Many also look after an older child (48%) or a child with a chronic condition (30%).
- Almost half (48%) are caring for a grandchild, whether it’s their own or a family member’s.
They help their aging relatives in various ways, like giving money (45%), running errands (45%), and cooking meals (44%). For older kids, they often provide financial help and housing.
There are additional challenges for Women Caregivers:
- Women caregivers sometimes feel less ready to keep giving financial support for a long time.
- 72% of men think they can afford to keep up the same level of care for at least another year without changing their money plans. But only 54% of women feel the same way.
- Some women (14%) worry they can only keep providing care for up to 6 more months, compared to just 3% of men.
Women also say that caregiving affects their lives in various ways more than men do. They talk about feeling more stressed (50% vs. 39%), having less personal time (49% vs. 37%), and seeing changes in their romantic lives (40% vs. 30%).
So, things are changing for the Sandwich Generation. More men are stepping in, more Millennials are taking on caregiving roles, and there’s more diversity in the mix. But there are still some challenges, especially for women caregivers, who often feel the emotional and financial weight of caregiving more intensely. It’s essential to plan ahead and get support when needed to make this journey smoother for everyone.
Many Millennials also find themselves in unique situations. They’re taking care of their aging parents while also reaching significant milestones in their own lives, like starting families, buying homes, and saving for retirement. It’s a lot to manage, and that’s where a trusted financial professional can make a big difference.
Here’s how they can help:
- Balancing Act:
Millennials have a lot on their plate – caring for their parents and dealing with their own life goals. A financial pro can help them find the right balance.
- Protection Matters:
It’s essential to protect themselves and their loved ones now. That means having the right plans in place to handle unexpected situations.
- Planning for the Future:
While taking care of today’s needs, Millennials also need to plan for their own prosperous financial future. That includes things like retirement savings.
The key is to work with someone who understands their unique challenges and can create a personalized financial plan that fits their specific situation. It’s about securing today and building a solid foundation for tomorrow.