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October 24, 2014 at 08:04 AM
The so-called Sandwich Generation is not a happy bunch, given that both their parents and their kids are eating up a lot of their resources in both time and money.
While that’s hardly news, the National Association of Insurance Commissioners has recruited performer Amy Grant in a campaign aimed at offering advice to members of this financially undernourished generation.
Not surprisingly, insurance, NAIC says, can be one of the solutions to the problem.
Citing a study commissioned by the Pew Research Center, NAIC pointed to some of the more salient statistics. Among them: 21 percent of respondents aged 40-59 were paying at least some of the expenses for a parent age 65 or older. More than double that — 48 percent — were footing the bills for at least one adult child. That’s up from 42 percent seven years ago.
Among parents providing primary support to an adult child, 62 percent say it’s because that child is still in school. But that leaves more than a third (36 percent) who say they’re paying the child’s way for another reason.
And one out of every seven was financially supporting both an aging parent and a child (who’s obviously not getting any younger either).
