By tf-lawyer.com As more individuals take on the dual responsibilities of caring for children and at least one aging parent, the so-called “sandwich generation” in the United States has reportedly grown to at least 11 million people. This demographic, often tasked with managing both young kids and elderly parents—typically those aged 65 and older—faces increasing challenges due to shifting population dynamics, rising costs, and changes in the workplace.
According to a Wall Street Journal report, people are having children later in life, while elders are living longer. This combination means that many find themselves caring for aging parents while their own children are still young. Today’s sandwich generation, primarily made up of middle-aged millennials, faces more prolonged caregiving responsibilities than previous generations.
Diana Fuller, 49, shared her experience, stating that the stress of caring for her 83-year-old mother has pushed her to the brink of collapse over the past four years. Her mother resides in a memory care facility near Charlotte, North Carolina, which costs $10,000 a month. Despite long-term care insurance and her mother’s savings covering these expenses, Fuller has had to set aside her career ambitions. Additionally, frequent hospitalizations have caused her to miss significant moments, such as her 9-year-old son’s school music concert.
A 2023 report by the AARP revealed that the average age of the sandwich generation is 44, with an increasing number of men involved. Nearly one-third of those in this demographic are millennials and Gen Z. The considerable burden these caregivers bear not only impacts their careers and quality of life but also strains household budgets and long-term financial health. According to analysis from Steph Wagner, national director of women and wealth at Northern Trust Wealth Management, a person in their early 40s who spends $1,500 monthly to support aging parents could see their retirement savings diminish by over $1 million within five years.
A survey conducted by Care.com of 2,000 parents found that the proportion of American families spending more than 20% of their annual income on child care rose from 51% in 2021 to 60% in 2023. Last year, over half of respondents in a New York Life survey indicated that supporting both their children and parents had sacrificed their own financial security.
Recently, Vice President Kamala Harris suggested expanding the benefits of the “red, white, and blue card” to cover family health care, emphasizing the challenges faced by the sandwich generation. She stated, “It’s almost impossible to do it all, especially when people are working.” The Trump campaign responded by prioritizing family caregiving benefits, proposing a shift in resources toward elder care and tax credits to support unpaid caregivers managing both young and old family members at home.
