Workers in the “Sandwich Generation” are far more likely than other working parents to seek advice from others about personal finances.
The MetLife Mature Market Institute, Westport, Conn., an affiliate of a unit of MetLife Inc., New York (NYSE:MET), has published that finding in a summary of results from a fourth-quarter 2009 survey of 1,305 U.S. full-time employees. All of the participants were ages 21 or older and worked at employers with 2 or more employees.
Researchers compared “Sandwich Generation” members — participants who provide care both for children under 18 and for older relatives – with other parents, who provide care only for children.
About 20% of the survey participants were providing care for older relatives, and 15% of the participants were Sandwich Generation members.
About 30% of the ordinary parents in the sample said they do without personal financial advice.
Only 5% of the Sandwich Generation members said they get by without personal financial advice.
Although members of the Sandwich Generation are more likely to seek financial advice, they are also more likely to report facing severe financial pressure.
About 42% of the ordinary parents in the sample said they live paycheck to paycheck, and 37% said they were very concerned about being able to afford a home.
The researchers found that 64% of the Sandwich Generation members report living paycheck to paycheck, and that 74% are very concerned about being able to afford a home.
- Warren S. Hersch