More “Sandwich” Boomers Aiding Adult Kids

Last week, a study by the Urban Institute offered new details
about how the Great Recession has torpedoed younger workers’ efforts to start
their careers and build their savings. But as Encore contributor Glenn
Ruffenach reminds us this week in the Wall
Street Journal
, when younger adults take an economic hit, their
boomer-age parents often share the pain. Ruffenach breaks out details from a
recent survey by the Pew Research Center that covers the “sandwich generation,”
which Pew defines as people who have both a child (of any age) that they’re
supporting and a living parent age 65 or older. In 2012, that description
applied to 47% of adults between ages 40 and 59. Within that age group, 27%
said they had provided the primary financial support for at least one child
aged 18 or over during the previous year, up from 20% in 2005. While many of
the parents in this category are putting kids through college, the Pew
researchers believe that high unemployment and low wages for 20-somethings are
the likely culprits behind the growth.

Source/more: The Wall Street Journal

Tags: , ,

Leave a Reply