Gen Xers, Let’s Face It, We’re Now the Sandwich Generation (2024)

Gen Xers are my favorite people. Probably because I am one. We area much smaller demographic compared to our predecessors The Boomers and theyounger Millennials. We seem to get lostin the numbers when society makes decisions on Healthcare, Politics, Jobs and variousother crucial aspects of our lives. We have never had a GenX President. And now that Millennials are into their late30s/early 40s, we may get completely skipped over for the highest job in theland.

For years, the term "sandwich generation" has been used to describe thosewho are caring for their aging parents and young children simultaneously. Withmore Gen Xers now raising children alongside dealing with their elderlyparents, it may be time to say we are the Sandwich Generation. With our parents' generation living longer,we are finding that many of them did not financially plan for this longer lifeand the burden is falling on us.

The Challenges of Being a Part of the Sandwich Generation

For Gen Xers, being part of the sandwich generation often means having twosets of demands on our time and finances that can be hard to manage at once. According to a study by TD Ameritrade, 36% of Gen Xers feel like they areparenting both their children and their parents, while 38% feel pulled in toomany directions when it comes to managing their finances. This can lead tostress levels that are higher than average and make it difficult for them tofocus on setting long-term financial goals or planning for their own retirement.

43% of Gen Xers say they need to catch up on their savings, while 49% areworried about running out of money once retired. With the average to raise achild costing over $230,000, and the cost of an aging parent coming in at$140,000 it is no wonder that Gen Xers are stressed.

The Financial Implications of Caring for Elderly Parents

Caring for elderly parents often comes with substantial costs. According toanother study from TD Ameritrade, 33% of Gen Xers have had to dip into theirown savings in order to care for an aging parent or relative in some way. Thiscan have a significant impact on their long-term financial security as well asstrain relationships between adult siblings who need to share resources andresponsibility in order to provide adequate care for their parent(s).

In conclusion, as Gen Xers navigate the challenges of being the SandwichGeneration, it is crucial for society to recognize and address the uniquestruggles they face. From financial planning to caregiving responsibilities,Gen Xers play a vital role in shaping the future while often being overlookedin the broader societal discourse.

And can we please get a GenX President before we retire.

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