Rep. Randy Forbes (R-Va.) recently reported that “Almost half (47%) of Americans in their 40’s and 50’s have a parent who is 65 or older and are either raising a minor child or financially supporting an adult child at the same time. The Sandwich Generation will continue to grow. An increasing number of baby boomers are moving into retirement age, living longer lives, and, as a result, requiring costlier care.”
The White House notes that “An estimated 38 million Americans provide unpaid care to an aging relative, including approximately 23 million caregivers with jobs and 12 million who are also caring for their own children.”
A Texas A&M study found that “dealing with age-related changes in our older parents is a relatively new phenomenon. In 1900, for example, only one out of 25 people were age 65 or older. Today, one out of ten people are in this age category. Life expectancy at birth has increased 25 years in this century, to 69 years for males and 74 years for females. A male reaching age 65 can expect to live another 14 years and a female 18 more years. The most dramatic demographic change is the increase in the “old-old” population-persons 85 and over. This is the fastest growing age group and is expected to increase by 200 percent in the next 20 years. The older a person, the greater the likelihood of increasing health problems and frailty and the need for family support and assistance. Furthermore, it is no longer unusual for retirees age 65 and over to have a parent still living.”
INCREASING BURDEN
The Pew Research Center has outlined the increasing burdens faced by middle income Americans, particularly in regards to caring for longer-living parents and grown children who cannot find adequate employment in the faltering U.S. economy. The report finds:
“With an aging population and a generation of young adults struggling to achieve financial independence, the burdens and responsibilities of middle-aged Americans are increasing. Nearly half (47%) of adults in their 40s and 50s have a parent age 65 or older and are either raising a young child or financially supporting a grown child (age 18 or older). And about one-in-seven middle-aged adults (15%) is providing financial support to both an aging parent and a child… While the share of middle-aged adults living in the so-called sandwich generation has increased only marginally in recent years, the financial burdens associated with caring for multiple generations of family members are mounting. The increased pressure is coming primarily from grown children rather than aging parents.
“According to a new nationwide Pew Research Center survey, roughly half (48%) of adults ages 40 to 59 have provided some financial support to at least one grown child in the past year, with 27% providing the primary support. These shares are up significantly from 2005. By contrast, about one-in-five middle-aged adults (21%) have provided financial support to a parent age 65 or older in the past year, basically unchanged from 2005. The new survey was conducted Nov. 28-Dec. 5, 2012 among 2,511 adults nationwide.
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“Looking just at adults in their 40s and 50s who have at least one child age 18 or older, fully 73% have provided at least some financial help in the past year to at least one such child. Many are supporting children who are still in school, but a significant share say they are doing so for other reasons. By contrast, among adults that age who have a parent age 65 or older, just 32% provided financial help to a parent in the past year.
“One likely explanation for the increase in the prevalence of parents providing financial assistance to grown children is that the Great Recession and sluggish recovery have taken a disproportionate toll on young adults. In 2010, the share of young adults who were employed was the lowest it had been since the government started collecting these data in 1948. Moreover, from 2007 to 2011 those young adults who were employed full time experienced a greater drop in average weekly earnings than any other age group.”
POOR ECONOMY BRINGS YOUNG ADULTS HOME
Forbes reports that “It’s an understatement to say that the stagnant 8% unemployment rate has far-reaching and profound effects. An unsteady job market is causing pain points across the demographic spectrum – young workers are saddled with student loan debt and low wages, while older adults face dual challenges of record-high life expectancy ratesand minimal retirement savings. Caught between the two are the middle-aged, who are delaying their own retirement to help their family members.”
The Department of Labor Statistics found that “ …by age 27, about 90 percent of …individuals had left their parental households at least once and more than 50 percent of them had moved back at some point after moving out.”
WOMEN HEAVILY AFFECTED
The Family Wealth Advisors Council Women of Wealth (“WoW Study”) national study revealed that “the Sandwich Generation dilemma was the single most significant transition challenge that women would face in the coming years. Studies have shown that the extreme stress of being a family caregiver causes premature aging and can take as much as 20 years off a family caregiver’s life. More than 90% of the women in the WoW Study told us that they were very concerned about having to make financial decisions during stressful moments – being called upon to meet the needs of multiple generations surely qualifies as stressful! Understanding the complexities and strategies to successfully navigate the pressure of caring for multiple generations is critical.”