According to a Pew Research Center survey, “about a quarter of U.S. adults are now part of the so-called sandwich generation.” Specifically, these are adults that take care of people over the age of 65 while also raising a child/children under the age of 18. The average age for people in the sandwich generation is between 40 and 60. This comes with unique financial and emotional challenges.
The financial burdens tend to stack up for their children, while the emotional and physical needs tend to be spent on the older generation. Forbes states that, “On average, this cohort spends approximately $10,000 and 1,350 hours on their parents and children combined per year.” Not only that, but many are also supporting their adult children. According to Forbes, “48% of adults are providing some sort of financial support to their grown children, while 27% are their primary support.”
This is the kind of spending that not everyone plans for. The “sandwich generation” is a newer phenomenon that many of our parents and grandparents did not have to experience, but it’s not too late to make a plan! Having a plan will not only relieve the financial burden but will also allow you to protect and support your family
At OneAscent Wealth, we strive to take time upfront to learn about you, your family, and your story. What upcoming events or changes do you anticipate that could have an impact on your finances? Consider the following questions to start the conversation within your family:
- What stage of marriage are you in (getting married/divorced/separated)?
- Do you have any children and if yes, what stage of life are they currently in?
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- Are your children married or getting married?
- Do you have a child with special needs?
- Are you planning for a special family event?
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- Are you financially responsible for an aging parent or family member?
While incredibly rewarding, we realize that caring well for both children and parents can be overwhelming—and we want you to know that you’re not alone. At OneAscent Wealth, our advisors work with you to create a personalized financial plan unique to your family’s needs. We help you create a path forward where you and your family can thrive, and we’ll be with you every step of the way. Contact us today to start the journey toward financial freedom.
Investment advisory services offered by OneAscent Wealth Management, LLC, a registered investment advisor with the United States Securities and Exchange Commission.