Wealth Insights

The Sandwich Generation: Financial planning tips for juggling responsibilities across generations

Balancing the demands of aging parents, growing children and financial security.

Key takeaways

• The growing Sandwich Generation. Many adults from their 30s to 50s and beyond find themselves simultaneously supporting children and aging parents, often with little warning or preparation.
• Caregiving financial impact. Expenses related to aging parents may require adjustments to retirement, education funding, lifestyle goals and emergency savings strategies.
• Conversations are essential. Open discussions about long-term care preferences, finances, estate plans and future support needs should help reduce uncertainty and improve decision-making.
• Preparation pays. Building a larger emergency fund and understanding available resources before a crisis occurs may improve financial flexibility and confidence.
• Prioritization matters. While supporting loved ones is important, maintaining progress toward your own retirement and long-term financial goals remains critical.
• The value of professional guidance. Wealth advisors, portfolio managers and trust advisors work together to help families evaluate funding options, plan for care needs and prepare for unexpected life events.
• Women as dual caregivers. Many women balance caregiving responsibilities with career advancement and wealth-building goals, making proactive planning especially important.
• Planning matters. Trusts, powers of attorney and other estate planning tools can be used to help protect both children and aging parents while providing clarity for future caregiving decisions.

If you are in your 30s, 40s or 50s, there is a good chance that in addition to being classified as Gen X or a Millennial, you may find an additional classification defines your current life stage: the “Sandwich Generation.”

The Sandwich Generation is a growing demographic of middle-aged adults who find themselves caring both for their children and their aging family members simultaneously. People in this group often find themselves juggling the emotional, physical and financial demands of caregiving while still navigating their own personal and professional lives.

With shifting life expectancies and family dynamics, this generation above all others may find these emotional, physical and financial pressures have become more pronounced in recent years.

Defining the Sandwich Generation?

According to the Care.com 2026 Sandwich Generation Report dual caregiving starts at age 34 on average, positioning many Americans as both caregivers for children and for an aging parent. Sandwich caregiving is effectively a second job, the report states, noting mothers generally carry the heaviest load. A striking finding in the report is that 80% of respondents said the onset was sudden and caught them off-guard, and 86% said they were completely unprepared when it happened.

“Often when working with this group of clients the conversations center on questions or concerns they may have about the future needs of their parents and/or in-laws. Sometimes they have already had experience taking care of an older family member or they are hearing stories from friends who have found themselves in this situation,” shared Dee Hunt, Wealth Advisor with Regions Private Wealth Management.

In many Millennial and Generation X households, parents of young (or young adult) children are working full-time and anticipating caring for aging parents and children simultaneously.

Sandwich Generation: Defining financial goals

Vacation planning, college tuition, buying a home (or a second home), emergency savings, retirement. These are examples of some common financial goals that individuals and couples may set for themselves. But for those in the Sandwich Generation, there is another often unexpected financial aspect to consider: care and financial support for an aging parent. If the older generation has not adequately planned for and saved for their own long-term care that can add up later in life, the younger generation may need to step in with financial support.

“The definition of emergency savings expands for those caring for older relatives since there may be expenses for those relatives that are difficult to anticipate,” says Hunt. “When and if medical conditions arise there are a lot of things to consider: how quickly did the condition arise, is it chronic, at what point does insurance start and stop, and is there discretionary income to go towards caring for the older generation. It is a potentially stressful place to be in life.”

It is important to have regular conversations within your immediate family and your extended family when defining your financial goals.

“The goal is to look at today’s scenario and figure out what you may need in order to meet those goals based on assumptions and planning estimates,” advises Hunt. “Then the question becomes, ‘can we do it?’ or ‘do we need to begin exploring the options if the need for financial support of the parents arises?’” Whether that is in the form of government programs, such as Medicare and/or Medicaid, or dipping into your own retirement savings, you may need to consider this when setting your own financial goals if your parents do not have the means to fully support their needs.

Sandwich Generation: Prioritizing financial goals

“Sometimes you have to shift their priorities,” notes Hunt. “With the Sandwich Generation, there are a lot of considerations beyond just the financial piece. There are emotional and professional considerations, as well. As with younger children, the physical care needs may have implications on the careers of one or both spouses, as well as finances. So, preparation is key.”

You’ve heard the adage of building wealth, “pay yourself first,” and that remains true for members of the Sandwich Generation. In addition to a wealth advisor like Hunt, it can be beneficial to expand these conversations to include a portfolio manager and trust advisor. A portfolio manager may be able to help explore the various options, such as qualified money versus non-qualified money, for potential care and emergencies, which can be a bigger focus for members of the sandwich generation.

A trust advisor can address the topic that is often the most uncomfortable to talk about. That is, the planning for the case of the passing of one or both family members in the middle of this generational sandwich. In addition to the need to establish a care plan for children in this event, there is also the consideration for the care of the aging parents.

“Someone will have to care for the children, but if the parents have investable assets, it may be appropriate to consider establishing a trust to help address those needs. There is a potential need for an additional trust to care for the aging parents,” says Hunt.

Having everyone at the table for these conversations may be a good way to alleviate some of the surprises that may be a result of experiencing unexpected events.

Sandwich Generation: The impact on women

According to the U.S. Bureau of Labor Statistics, almost 47 percent of U.S. workers are women. And nearly 52 percent of those are in management, professional and related occupations – and may be the primary breadwinner. Those who are sandwiched between caring for children and either currently caring for aging parents, or anticipating that need in the future, carry an outsized share of the emotional and physical care challenges with the older generation. This may have an impact either temporarily or longer term on their careers.

Whether in those peak earnings years or nearing retirement, women in this generation of mothers and daughters will want to consider and prepare for the financial implications during this season of life.

A few considerations:

1. Talk with parents and family members about financial goals, future plans, and potential long-term care needs.
2. Build up that emergency fund – Can you negotiate a higher salary as you continue to grow in your career?
3. Prioritize retirement – if you are 50 or older, consider taking advantage of catch-up contributions.
4. Estate planning – With women statistically living longer than men, they may need to take on additional responsibility for making key decisions about their family’s future wealth.

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