If you’re feeling an extra squeeze these days, you’re not alone.
A recent look at the so-called sandwich generation finds that financial pressures associated with caring for family members from different generations are burdening middle-aged adults. These increased strains are stemming from primarily grown children rather than aging parents.
A new study from the Pew Research Center in Washington, “The Sandwich Generation: Rising Financial Burdens for Middle-Aged Americans,” found that almost half (48%) of adults ages 40 to 59 provided some financial assistance to at least one grown child in the past year — with 27% providing the primary support.
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In contrast, 21% of adults provided financial support to a parent age 65-plus.
What accounts for the different? The economy. The study notes that the recession took a “disproportionate toll” on young adults. Even young adults who were employed full time experienced a greater drop in average weekly earnings from 2007 to 2011 than any other age group.