The Sandwich Generation are mid-life adults with adult children (aged 23-28) and aging parents. One in six (16%) provides some sort of financial assistance to both a parent and an adult child, finds Charles Schwab. They are more concerned about their children not become financially independent (11%) than about supporting their parents (1%).
Nearly four in 10 (38%) say their children are more reliant on them than they were at the same age, and 64% believe their children are not concerned about being a financial burden on their parents.
A slight majority (52%) says their adult children are fully financially independent; 34% expect their children to be independent by age 30, 8% by age 35, and 2% by age 40. Some 4% are worried their children may never become financially independent. Parents say that college debt (32%) and unemployment (31%) are the most common reasons their children are not supporting themselves. A quarter (25%) acknowledge that overspending has led their children to rely on them, and 19% cite consumer debt.
Sandwich Generation parents are somewhat more likely to place importance on saving for retirement (56%) than on helping their children financially (44%). [Finance, Family]
Source: “2010 Families & Money Survey,” Charles Schwab, Sarah Bulgatz, 211 Main St., San Francisco, CA 94105; 415-667-0328; sarah.bulgatz@schwab.com; www.schwab.com. Price: Available online at no charge.
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