Of those providing support to both older parents and young adult children, the average expense is above $7,000 a year and a quarter say their own health has worsened. Image: wavebreakmedia/Shutterstock.com
By: FEDweek StaffSome 53 million Americans are now providing support to family members both older and younger than they are, up more than 9 million in less than a decade, with many of them “fatigued” both personally and financially, says a report.
“The burden of family caregiving largely falls on America’s ‘Sandwich Generation’ – a group largely composed of middle-aged Generation Xers between the ages of 40-59,” says the study by Seniorly, a resource center for assisted living and long-term care needs.
“Historically, when parents reached this age, their kids went off to college, they became empty nesters and finally had time to pursue their own interests and needs. Today, the Sandwich Generation is bound by a unique set of social and demographic forces that include a record number of seniors aging and financial challenges that have stunted the economic stability of their adult children,” it says.
It said that of those providing support to both older parents and young adult children, the average expense is above $7,000 a year and a quarter say their own health has worsened.
The toll falls especially on women, it adds, who account for six-tenths of caregivers. “Ultimately something has to give. The amount of energy needed for caregiving forces many women to cut back on hours which hurts their career trajectory and earnings,” it says.
However, it adds that the need for long-term type care is projected to increase by a quarter by 2030, at a time when formal facilities already are facing staffing shortages. “Much of the burden placed on the Sandwich Generation is only going to increase in years to come,” it says.
For care providers, it says, “it’s important to recognize the signs of burnout and take action before it becomes overwhelming. If you find yourself experiencing persistent feelings of exhaustion, irritability, or a loss of interest in activities, consider seeking professional help from a healthcare provider or counselor who can provide guidance and support.”
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