Sandwich Generation Takes a Hit Supporting Adult Children and Aging Parents
More parents are providing significant financial support for their adult children even as they cope with the needs of their own aging parents, according to a new survey of the middle-aged “sandwich generation.”
The twin financial and emotional burdens on the one in seven Americans who are squeezed between their children and their parents have mounted since the recession, the Pew Research Center said in a report released Wednesday. In 2005, 20 percent of all middle-aged parents were the primary source of financial support for a grown child. Now, 27 percent of parents fit that description.
The increase is striking since the share of middle-aged adults with children and living parents has remained stable.
For at least three decades, sociologists have noticed a trend of more parents paying much of the freight until their children are well into their 20s, but the faltering economy has caused those numbers to spike.