Inflation Is Squeezing the Sandwich Generation into Paninis

More than half of US adults aged 40 amp8211 49 find themselves sandwiched between an aging parent who needs their time and children who need their time and financial supportSandwichers in their 50s and 60s are more likely to be helping an adult child financially in addition to caring for an aging parent Spread over these three decades 23 of US adults fit the sandwich generation description per Pew Research CenterThe sandwich generation spans 30 years in age because financial independence for young adults is coming later and later Only about a quarter of young adults are financially independent by age 22 PewParents stepping in to help with recurring expenses like rent bills and groceries or simply continuing to provide those for adult children still living in their houses are disproportionately affected by price increases Inflation in services like rent tends to be sticky amp8212 prices don39t tend to go back downWith rent up about 6 in the past 12 months higher rents could result in more time with adult children in the house or a longer timeline of supplemental supportIt39s not just first apartments that are more expensive to live in The cost of senior care facilities is rising as providers struggle to staff and deal with the higher costs of supplies like food The cost of nursing homes and adult daycare services was up 48 in August per CPI numbersMiddleincome seniors may increasingly find themselves looking to the sandwich generation for help NORC and the University of Chicago just released an update to their quotForgotten Middlequot study predicting that by 2033 more than 11 million seniors aged 75 and over may not be able to pay for assisted living but will also not qualify for Medicaid These seniors on a fixed income will also have to look to family for care and potentially a roof over their headsBeyond the financial burden caregiving for aging parents and children is a source of significant stress especially as sandwich caregivers try to balance work responsibilities In families with children under 18 623 of families have both parents working per 2021 BLS data and balancing childcare Add on doctors39 appointments and other duties of care and the most unaffordable asset is a caregiver39s timeWhen marketers look at dualincome households in their data and identify parents with children that can still be on their health insurance we should consider that the household budget and discretionary income are more stretched than it can appear This year sandwich ingredients are inflated 135 at the grocery store a perfect condition for pullbacks and substitutes Whether buying lunch for their children and parents sandwich generation caregivers are looking to save wherever they canThis concept of time savings and money savings are key factors for marketers to remember when developing plans to reach this sandwich generationThis article was originally publishes at MediaPost on October 4 2022 and written by Corinne Casagrande Senior Vice President StrategyClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillagecomMyersBizNet

SUBSCRIBE FOR FREE MEDIAVILLAGE CONTENT | BECOME A THOUGHT LEADERSHIP CONTRIBUTOR

Inflation Is Squeezing the Sandwich Generation into Paninis

Publish date

Channel

FEMA and the Ad Council Encourage AANHPI Communities to Enhance Disaster Preparedness in New PSAs - Ad Council InSites

More Videos:

SUBSCRIBE FOR FREE MEDIAVILLAGE CONTENT | BECOME A THOUGHT LEADERSHIP CONTRIBUTOR

Inflation Is Squeezing the Sandwich Generation into Paninis

Enjoying This Commentary? There's More to Love

TAGS:

FEMA and the Ad Council Encourage AANHPI Communities to Enhance Disaster Preparedness in New PSAs - Ad Council InSites

Cookies