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Gen Xers, Let’s Face It, We’re Now the Sandwich Generation

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Funding Your Home Renovation

February 11, 2024

Gen Xers are my favorite people. Probably because I am one. We are a much smaller demographic compared to our predecessors The Boomers and the younger Millennials. We seem to get lost in the numbers when society makes decisions on Healthcare, Politics, Jobs and various other crucial aspects of our lives. We have never had a GenX President. And now that Millennials are into their late 30s/early 40s, we may get completely skipped over for the highest job in the land.

For years, the term "sandwich generation" has been used to describe those who are caring for their aging parents and young children simultaneously. With more Gen Xers now raising children alongside dealing with their elderly parents, it may be time to say we are the Sandwich Generation. With our parents' generation living longer, we are finding that many of them did not financially plan for this longer life and the burden is falling on us.

The Challenges of Being a Part of the Sandwich Generation

For Gen Xers, being part of the sandwich generation often means having two sets of demands on our time and finances that can be hard to manage at once. According to a study by TD Ameritrade, 36% of Gen Xers feel like they are parenting both their children and their parents, while 38% feel pulled in too many directions when it comes to managing their finances. This can lead to stress levels that are higher than average and make it difficult for them to focus on setting long-term financial goals or planning for their own retirement.

43% of Gen Xers say they need to catch up on their savings, while 49% are worried about running out of money once retired. With the average to raise a child costing over $230,000, and the cost of an aging parent coming in at $140,000 it is no wonder that Gen Xers are stressed.

The Financial Implications of Caring for Elderly Parents

Caring for elderly parents often comes with substantial costs. According to another study from TD Ameritrade, 33% of Gen Xers have had to dip into their own savings in order to care for an aging parent or relative in some way. This can have a significant impact on their long-term financial security as well as strain relationships between adult siblings who need to share resources and responsibility in order to provide adequate care for their parent(s).

In conclusion, as Gen Xers navigate the challenges of being the Sandwich Generation, it is crucial for society to recognize and address the unique struggles they face. From financial planning to caregiving responsibilities, Gen Xers play a vital role in shaping the future while often being overlooked in the broader societal discourse.

And can we please get a GenX President before we retire.


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About the author

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Van Pappas

Vice President, Private CFO®

Van Pappas, CFP® - Van is a native of Atlanta. He holds his undergraduate degree in Finance with an emphasis in Real Estate. As a planner for 15 years, he earned his CFP designation from Kaplan University. He is currently the Chairman and founder of the Chamblee Chamber of Commerce and sits on the Downtown Development Authority for the City of Chamblee. In 2012, he noticed the value of helping the X-Y Generations and decided to merge his practice with oXYGen Financial.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice. Investor Disclosures: https://bit.ly/KF-Disclosures

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Background and qualification information is available at FINRA's BrokerCheck website.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice. https://Bit.ly/KF-Disclosures

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