There's a growing population of middle-aged adults taking care of their children and their parents at the same time – this is the Sandwich Generation. In a new study, "Relieve the Squeeze: The Sandwich Generation," released by Filene Research Institute, it stated, "The burden of supporting two generations at once can be financially draining."
According to Stephanie Galligan, research manager for the Madison, Wis.-based think tank, 47% of the seven to ten million adults in the Sandwich Generation are between the ages of 40 and 59 years-old. And within that population, there are a lot of financial needs not being met by credit unions. "By recognizing the unique needs of this group, credit unions have an opportunity to help their members navigate the difficulties of supporting both parents and children," said Galligan.
Galligan's research found that, on average, those in the Sandwich Generation are spending $5000 each year on their adult children and another $5000 every year to help their parents pay for food, medication, and everyday living expenses. According to Galligan, 71% of those surveyed said that financially "they are at the tipping point and are having a hard time being able to pay for their own expenses, let alone saving. That's an implication that I don't think many average Americans can sustain."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
