New survey reveals that more than half of those supporting parents are economically strained
September 21, 2010
The baby boomer generation has commonly been referred to as the sandwich generation, since many are raising children or housing kids who have graduated from college, as well as taking care of older parents.
A survey conducted by Generation Mortgage and Zogby International found that 57 percent of the participants, all of whom were boomers taking care of their parents, had recently either lost a job or had taken a cut to wages or benefits.
A total of 64 percent of these boomers said that their financial situation was negative, with 73 percent having reduced spending in entertainment and leisure and 43 percent in groceries.
"The Sandwich Generation is probably the most financially vulnerable demographic to result from the recession," said Jeff Lewis, chairman of Generation Mortgage Company. "They are… supporting two generations in their family and are saddled with debt from bills and a mortgage. As this group looks to retire, their financial situation, coupled with the state of the economy, is not leaving them with many options."
Baby boomers who are stressed from caretaking duties may want to invest in an elderly alert system, which can be installed in a home so that a parent can contact caretakers if there's an emergency.