Caring for Aging Parents and Boomerang Children Brings Financial and Physical Toll to Sandwich Generation
More and more Americans are providing financial and physical support to their elderly parents and children as the sluggish economy is affecting generations across the board.
Over 50% of young women and men ages 18 to 24 are moving back home to their parents and about 19% of men and 10% of women ages 25 to 34 are doing the same, some with children of their own. On the other end of the spectrum, aging moms and dads are in need of attention as well.
We are now seeing, as many as four different generations sharing a home. What happens when elderly parent need additional attention and financial resources?
What do Sandwich Generation parents to do in this situation- when the Boomerang Children move back in with their children and Grandma gets sick and moves in with the family?
Diana Beam, Founder of Keeping In Touch Solutions, said Our Sandwich Generation is caught between a rock and a hard place as they try to keep the family going financially at the same time stabilizing the emotional volume in the house. Everyone gets edgy because it is tax time or when the budget gets tight.