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July is National Sandwich Generation Month

Sandwich Generation Month is an annual commemoration and celebration of the dedication, patience and caring of adults who are part of the "sandwich generation" — those caring for their children as well as their own aging parents. The term "sandwich generation" was coined by Dorothy A Miller in 1981 and officially added to the dictionary by Merriam-Webster in July 2006.

According to the Pew Research Center, nearly half (47%) of adults in their 40s and 50s have both a parent age 65 or older as well as a young child or adult child over age 18 that they are supporting. Nearly one-in-seven middle-aged adults (15%) are providing financial support to both an aging parent and a child. US Census Bureau statistics indicate that the number of Americans aged 65 or older will double by the year 2030, to over 70 million.

While the share of middle-aged adults living in the sandwich generation has not seen much of an increase in recent years, the financial burdens associated with caring for multiple generations of family members are mounting. That increased pressure is more often than not coming from the support of adult children rather than aging parents.

Stay tuned to the “By George” blog throughout the month for more articles about planning for the future and preparing for the many financial concerns that come with balancing the care of both parents and children.

The opinions expressed in this newsletter are those of the author and may not reflect those of The Washington Trust Company. The information in this report has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Any opinions expressed herein are subject to change at any time without notice. Any person relying upon this information shall be solely responsible for the consequences of such reliance. Performance is historical and does not guarantee future results.

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