Gen Xers are my favorite people. Probably because I am one. We are
a much smaller demographic compared to our predecessors The Boomers and the
younger Millennials. We seem to get lost
in the numbers when society makes decisions on Healthcare, Politics, Jobs and various
other crucial aspects of our lives. We have never had a GenX President. And now that Millennials are into their late
30s/early 40s, we may get completely skipped over for the highest job in the
land.
For years, the term "sandwich generation" has been used to describe those
who are caring for their aging parents and young children simultaneously. With
more Gen Xers now raising children alongside dealing with their elderly
parents, it may be time to say we are the Sandwich Generation. With our parents' generation living longer,
we are finding that many of them did not financially plan for this longer life
and the burden is falling on us.
The Challenges of Being a Part of the Sandwich Generation
For Gen Xers, being part of the sandwich generation often means having two
sets of demands on our time and finances that can be hard to manage at once. According to a study by TD Ameritrade, 36% of Gen Xers feel like they are
parenting both their children and their parents, while 38% feel pulled in too
many directions when it comes to managing their finances. This can lead to
stress levels that are higher than average and make it difficult for them to
focus on setting long-term financial goals or planning for their own retirement.
43% of Gen Xers say they need to catch up on their savings, while 49% are
worried about running out of money once retired. With the average to raise a
child costing over $230,000, and the cost of an aging parent coming in at
$140,000 it is no wonder that Gen Xers are stressed.
The Financial Implications of Caring for Elderly Parents
Caring for elderly parents often comes with substantial costs. According to
another study from TD Ameritrade, 33% of Gen Xers have had to dip into their
own savings in order to care for an aging parent or relative in some way. This
can have a significant impact on their long-term financial security as well as
strain relationships between adult siblings who need to share resources and
responsibility in order to provide adequate care for their parent(s).
In conclusion, as Gen Xers navigate the challenges of being the Sandwich
Generation, it is crucial for society to recognize and address the unique
struggles they face. From financial planning to caregiving responsibilities,
Gen Xers play a vital role in shaping the future while often being overlooked
in the broader societal discourse.
And can we please get a GenX President before we retire.
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