Generation X starting to join the sandwich generation: report
The share of U.S. adults providing financial support to both an elderly parent and a child has grown from 12% to 15% in the last seven years, according to a recent study by the Pew Research Center.
Longer life expectancy and delayed childbearing mean that more middle-aged people have dependent children and parents who are still living.
Today, 42% of Gen X has a dependent child and a parent age 65 or older, compared to 33% of baby boomers.
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.
Despite an aging population and increased longevity, the increased pressure is coming primarily from grown children rather than aging parents, Pew reports.
For years now, studies have noted a trend of more parents picking up more of the freight until their children are well into their 20s, but the faltering economy has caused those numbers to increase steadily in recent years.
Either way, supporting multiple generations can strain family finances. Close to a third of adults supporting both an aging parent and a child of any age say they're just able to make ends meet and 11% are concerned about meeting even basic expenses.
Nearly three quarters of 40-to-59-year-old parents of adult children have financially supported their children over the past year. At the same time, nearly one third of them have helped an elderly parent financially over the past year -- generally to pay ongoing expenses.
Are you part of the sandwich generation? Were you prepared for this role? Are things getting tighter as a result?
By Gordon Powers, MSN Money
Posted by: SP | Mar 7, 2022 8:20:17 AM
On the Bright side at least Gen-X were able to buy Toronto homes cheap in 1988/1989 and have had secure, highly paid employment with cheap daycare and higher education costs in subsequent years.
.
Oh wait, nevermind.
.
Let's get back to focusing on how hard done by the Babyboomers are, more support for that.
.
Don't worry Gen-Y, Gen-X understands how bleak your future looks.
Posted by: Alice | Mar 10, 2022 11:29:58 AM
Yes things are tight and have been for generations and will continue to be for generations. We all must take lower pay and benefits to lower our standards to the countries of lower standards. However, do we all need to be high maintenance humans? Can't we survive and enjoy living on less? Learn to live an average lifestyle, like some countries have been doing for decades, or centuries.
Posted by: Troy Jollimore | Mar 10, 2022 12:50:53 PM
Uhhh, naive much, Alice? It's not so much that we're living 'high on the hog', although we are next to a lot of the countries you mention, but that the 'elite' group are the ones TAKING our income, luxuries and freedoms from us to further finance their own extravagant lifestyles.
That is EXACTLY like it is in those other countries you mention...
Posted by: rf | Mar 10, 2022 1:12:25 PM
gen x and y have gotten the demographic "shaft" from the boomers....
lower wages, higher unemployment, fewer advancement opportunities and very High housing costs.
don't trust ANYONE over 50!!!
selfish bunch of greedy b______s!!!
Posted by: bob the genex | Mar 11, 2022 9:55:30 AM
Wow, people actually talking about us X-Gen's. I guess we can buy things, sort of. Great 68'
Posted by: 1972 | Mar 11, 2022 6:39:52 PM
And the boomers and above said we Gen-Xers wouldn't amount to anything. They were scared of us running the country, Now they want us to carry the whole load. :(
Posted by: Don | Mar 26, 2021 6:39:43 PM
Years ago when they talked about the global economy, it was stated our standard of living would drop as other ares of the world would see their standard of living iincrease. We are getting exactly what was planned for.