Baby boomers increasingly find themselves in the sandwich generation — caring for elderly parents and for children at the same time. Some estimates conclude that about 20 million Boomers find themselves in this dual caregiving role. A study by the Pew Research Center in 2006 found that one of every eight Boomers are raising a child while also providing financial assistance to a parent. There is no doubt that those numbers have increased in the past four years.
The toll that this is taking on overburdened Boomers is becoming clearer. A new study recently released by Hartford Financial Services Group and ComPsych Corp. found that more than 80% of Boomers said they feel moderate to high levels of stress attributed to the support they are giving to children, spouses and/or parents. More than half of Boomers between age 45 and 54 responded in the study that they have taken time off from work due to their caregiving responsibilities.
46.6% of the Boomers in this age group said they feel worried about how caregiving is impacting their job. Older Boomers, 55-plus, were most concerned about postponing retirement as a result of their role as a caregiver. Read more… Silver Tsunami: Burdens Weigh Heavy on the Sandwich Generation – Bank Investment Consultant.