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It’s Not Easy Being a Part of the Sandwich Generation!

It’s Not Easy Being a Part of the Sandwich Generation!

| December 01, 2023

If you are providing some type of support to your aging parents while still supporting your own family, whether adult or young children, you are a member of the “Sandwich Generation.”

You are not alone.

There are many others in the same situation facing the same challenges. Coming up with solutions to your situation can be difficult. Prioritizing your caregiving responsibilities above everything else can have negative impacts in other areas of your life. Financial stress can be tough to deal with and can have both physical and emotional health consequences.

Just who is “Sandwiched?”

The two groups most representing the Sandwich Generation, at about 20%, are Americans in their 40s and 50s. They both have at least one child under 18 along with an adult child that they are helping financially. This group also has at least one aging parent. According to a 2021 nationwide Pew Research Center survey, over half (54%) of American adults in their 40s have a living parent aged 65 or older and have provided some financial support to at least one grown child in the past year, with 36% in the same situation in their 50s.

So, what can you do?

Determine your parents’ needs and resources.

Begin by developing a list of all assets and debts, income and expenses, insurance policies, wills, powers-of-attorney, health care proxies and anything else that pertains to their finances and care preferences. It is advantageous to get everything out in the open since addressing this issue can reduce some of your (and their) anxiety.

Teach your children well.

Children are a significant financial obligation, especially young adults struggling to achieve financial independence. If adult children move back home, set financial ground rules and expectations. Explain the importance of financial planning because money is as emotional as it is financial. Just like your parents, have your kids build a budget that fits their income and resources.

Don’t forget about your retirement needs.

It is easy to get lost in all the hustle and bustle, but you cannot let your own planning slide. You don’t get a do-over when it comes to putting away money for retirement. Your financial health is too important to leave to chance. So you too, should follow the steps provided for your parents and children. Should you need assistance with yourself, your child, or your parents, the team at Phronesis Wealth Management is here for you.

What’s the next step?

Set up time with yourself or a financial advisor to create a list of assets/debts, income/expenses, and develop a prudent budget and plan that will allow you to reach your goals.

Need more information?

Phronesis Wealth Management in Severna Park is here to help answer any questions you may have as you navigate this unique family dynamic. Give us a call at 410-647-6762 to schedule a consultation, or you can also schedule a quick discovery meeting online at


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized legal advice. We suggest that you discuss your specific situation with a qualified legal advisor.