The Sandwich Generation Is Hungry for Financial Guidance

Employees who care for their children as well as elderly relatives have a great appetite for financial advice, according to a MetLife study. People in this difficult position are often referred to as the “Sandwich Generation.” Nearly one in five full-time employees are caring for older relatives and nearly three-quarters of them also have children under 18. Respondents agreed with the following statements:
•    I live paycheck to paycheck: 64% of sandwich-generation employees and 42% of employees caring for kids only.
•    I am very concerned about being able to afford a home: 74% of sandwich-generation employees and 37% of employees caring for kids only.
•    I am very concerned about affording college: 72% of sandwich generation employees and 55% of employees caring for kids only.
•    I am very concerned about having more family time: 72% of sandwich generation employees and 45% of employees caring for kids only and.
•    I am very concerned about my own long-term care needs: 70% of sandwich generation employees and 40% of employers who are caring for kids only.
Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute said, “As the U.S. population ages, the percentage of employees who are caregivers will continue to grow and they will be looking to employers for help and support.”
The study found that 64% of caregivers with children say they worry less about unexpected health and financial issues because of a workplace benefit, demonstrating that employers can provide a real lifeline.
The study also revealed that sandwich generation employees are more likely to seek financial advice. Only 5% don’t consult with anyone about their personal finances, compared to 30% of employees who care for kids only. Employees are using several sources for financial advice:
•    Financial advisers – 45% of Sandwich-Generation employees and 24% of employees caring for just kids.
•    Friends and relatives–39% of Sandwich-Generation employees and 17% of employees caring for just kids.
•    Insurance agents–39% of Sandwich-Generation employees and 7% of employees caring for just kids.
•    Accountants–32% of Sandwich-Generation employees and 9% of employees caring for just kids.
•    Human resources dept. –26% of Sandwich-Generation employees and 10% of employees caring for just kids.
•    Financial publications and websites — 23% of Sandwich-Generation employees of Sandwich-Generation employees and 13% of employees caring for just kids.
For more information, visit www.MatureMarketInstitute.com