By Terry Selucky (New York City)
A recent Pew Research study about the “Sandwich Generation” has started a buzz in finance magazines such as Forbes, DailyFinance, and the like. It states that one in seven middle-aged adults (15%) is providing financial support to both an aging parent and a child at the same time. Scraping out of the recession, relied on by two separate but dependent age groups, adults aged 40 to 59 are stressed by the pressures of providing financial and emotional support to both aging parents to old to work, and an expanding group of grown, underemployed children.
Though the increased pressure is coming more from grown children—nearly half (42%) of adults surveyed, aged 40-59, are providing primary support to a grown child, with an additional 32% offering “some” support, whereas only 21% of adults provide for aging parents—the Pew study reveals that significantly more adults under 40 state they are “very likely” to care for an aging family member, when compared to those in middle-age. It’s a logical result of the Baby Boom, which comprised the single largest generation in history before Millennials came along. Boomers are living longer and unfortunately, have overall worse health than previous generations; now is the time to start planning for their old age.
“With increased longevity come the inevitable problems associated with aging, which include the need for more help with daily life in our aging parents,” writes Carolyn Rosenblatt. A registered nurse, attorney, and founder of the website AgingParents.com, she points out that the Family Medical Leave Act allows employees to take unpaid time off to assist with aging parents, but the Sandwich Generation needs a better system so that they can continue to be breadwinners for multigenerational families.
It’s clear—something must shift. Could it be traditional work schedules?