An increasing number of Americans are finding themselves belonging to the “sandwich generation,” named as such because these adults are responsible for their children (either by raising kids under the age of 18 or giving financial assistance to older children) while also providing care to elderly parents. In other words, these (typically middle-aged) individuals are sandwiched between two generations and are often financially responsible to some extent for both.
The phrase “sandwich generation” has been around for years, but it has recently taken on new importance as the associated financial strain has increased due to a growing aging population and a generation of young adults unable to achieve financial independence. If you consider yourself part of the sandwich generation, the good news is that you’re not alone. The not-so-good news? There are no easy solutions to the problem.