Sandwich Generation Lacks Savings
The sandwich generation risks becoming toast. Members of the sandwich generation – those taking care of elderly parents and raising children at the same time – are finding themselves in a savings squeeze, according to PNC Financial Services Group.
“Sandwiches” report they have been unable to build robust emergency savings and retirement account balances primarily due to the strain of financially supporting other family members. Nearly four in 10 of sandwich generation households indicate they do not have an emergency savings funds, and a third have less than $25,000 saved for retirement.
The financial issues this population group faces are only going to get worse in the future, as 32 percent said they expect to care for an elderly family member within the next five to 10 years.