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Sandwich Generation: Financially Prepared?

Financial pressures and planning are tough when in the throws of caring for others (either children or aging relatives). A new survey commissioned by PNC illustrates how caregiving can impact our financial preparedness. One thing they note at the bottom is that those who work with a planner usually have less stress (likely because they are engaged in forward thinking / future planning and setting up budgets and plans to get there).

As we age, the window for saving gets smaller and smaller, so this talks to the importance of planning ahead from an early stage and all the way to the end. Planning can take time and effort, but often results in the "future self" thanking the "former self" for sticking to the discipline.

A little about the study:

  • PNC survey queried Americans who could find themselves caught between financially supporting children and elderly families, commonly known as the sandwich generation

  • Nearly four in 10 members of the sandwich generation do not have an emergency fund

  • Most expect to have at least one family-related financial responsibility within 10 years, and yet have not planned for it

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