Hispanic Boomers Will Be Particularly Sandwiched
Many U.S. baby boomers will be “sandwiched” between financial obligations to children and aging parents when they retire, and the burden could be even worse for Hispanic Americans, according to a survey released by The Allstate Corp., Northbrook, Ill.
Thirty-eight percent of the 1,400 U.S. boomers interviewed said they would be financially responsible for parents, children or grandchildren during retirement, and about 10% said they would be responsible both for parents and for children.
Hispanics are even more heavily burdened, according to the survey, which was conducted by Harris Interactive Inc., Rochester, N.Y.
Fifty-three percent of the 200 Hispanic Americans surveyed said they would be supporting children or elderly parents in retirement, and 19% said they expected to be responsible both for parents and children.