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Millennials starting to make up larger percentage of the ‘sandwich generation’

Millennials starting to make up larger percentage of the ‘sandwich generation’
Posted at 10:17 AM, Nov 24, 2020
and last updated 2020-11-24 15:56:28-05

As our country works to rebound, we're helping you manage the pressure as the pandemic is shifting caregiving responsibilities.

More millennials are taking on this responsibility now. They're becoming a greater percentage of what's known as the "sandwich generation." Those are people who are caring for both their own kids and their aging parents.

New numbers from insurance company New York Life show a third of millennials are doing this now.

“We're not replacing the typical 49-year-old woman who's the family caregiver. She's still doing it, but the need is so great that more and more young people are called into the role as well and that's going to continue well after the COVID pandemic,” said John Schall, CEO of the Caregiver Action Network.

Nearly half of the so-called "sandwich generation" expect to be a caregiver in some capacity for six or more years.

The added financial strain is one concern. Schall says out of pocket expenses can be about a thousand dollars a month.

More than half of these caregivers say they're spending more than usual per month to care for others as a result of the pandemic. That means they're contributing less to their savings and their retirement.

There's also the concern about the mental toll.

“With millennial generation caregivers, you may not be thinking about depression, you know, at that age, but the fact is the sheer stress of the role of being a family caregiver increases that risk of depression twice as often,” said Schall.

If you are feeling overwhelmed, the caregiver help desk from the Caregiver Action Network can be one place to turn. You can call them free of charge at 855-227-3640.