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Sandwiched: Generation feels the pinch of taking care of kids and parents
By VAL CLIFTON
As people live longer, the responsibility of taking care of them often falls into the hands of their children. But these aren’t the only mouths they are feeding.
Texas Securities Commissioner Denise Voigt Crawford said the demographic raising both parents and kids, referred to as the “Sandwich Generation,” is growing.
“It’s a group of people, primarily baby boomers, who are being sandwiched between the needs of their parents, who are aging and need financial assistance, and their children who are getting ready to go to college,” Crawford said.
The average age of the “sandwiched” Texan is a little bit lower than the national average, she said, but they still feel the financial pinch.
According to Crawford, almost half of the people who fall into this category don’t have enough money to finance their own retirement, but consider paying for their children’s college tuition a parental responsibility. In addition, they have to juggle the rising costs of care for their parents.
“Were concerned that this stress may make the Sandwich Generation more susceptible to fraud, depleting the financial resources they need to maintain their families,” Crawford said.
To curtail this possibility, in charge of informing the public about the resources available to them is the Texas State Securities Board, which is offering a new investor education program for members of the Sandwich Generation.
“There is very little margin of error these days when it comes to finances,” Crawford said. “It’s important that these Sandwich Generation adults have the tools they need to gauge the safety and risk of investments.”
She said that people should start researching their options, including websites such as TexasInvestorEd.org, which has a wealth of information that could be useful to people who are finding themselves financially stretched.
Also available, the “Sandwich Generation: Caught in the Middle” program is designed to help adults sandwiched in the middle of competing financial responsibilities with information and guidance on practical steps they can take to shore up their financial future.
For more information about the program, visit the Sandwich Generation Resource Center at www.nasaa.org.
Texas Securities Commissioner Denise Voigt Crawford said the demographic raising both parents and kids, referred to as the “Sandwich Generation,” is growing.
“It’s a group of people, primarily baby boomers, who are being sandwiched between the needs of their parents, who are aging and need financial assistance, and their children who are getting ready to go to college,” Crawford said.
The average age of the “sandwiched” Texan is a little bit lower than the national average, she said, but they still feel the financial pinch.
According to Crawford, almost half of the people who fall into this category don’t have enough money to finance their own retirement, but consider paying for their children’s college tuition a parental responsibility. In addition, they have to juggle the rising costs of care for their parents.
“Were concerned that this stress may make the Sandwich Generation more susceptible to fraud, depleting the financial resources they need to maintain their families,” Crawford said.
To curtail this possibility, in charge of informing the public about the resources available to them is the Texas State Securities Board, which is offering a new investor education program for members of the Sandwich Generation.
“There is very little margin of error these days when it comes to finances,” Crawford said. “It’s important that these Sandwich Generation adults have the tools they need to gauge the safety and risk of investments.”
She said that people should start researching their options, including websites such as TexasInvestorEd.org, which has a wealth of information that could be useful to people who are finding themselves financially stretched.
Also available, the “Sandwich Generation: Caught in the Middle” program is designed to help adults sandwiched in the middle of competing financial responsibilities with information and guidance on practical steps they can take to shore up their financial future.
For more information about the program, visit the Sandwich Generation Resource Center at www.nasaa.org.
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