Yet Another Boomer Challenge for Financial Professionals: The "Senior" Sandwich Generation

When the twentieth-century concept of the "sandwich generation" collides with the middle-aging of the baby boom it becomes the "senior" sandwich generation. In the twenty-first century, 60-somethings in the midst of their own old-age planning are now the generation in the middle,...

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Bibliographic Details
Published in:Journal of financial service professionals 2016-01, Vol.70 (1), p.61
Main Authors: Wassel, Janice I, Cutler, Neal E
Format: Article
Language:English
Subjects:
Aging
Baby boomers
Families & family life
Personal finance
Responsibilities
Retirement planning
Studies
Online Access:Get full text
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Summary:When the twentieth-century concept of the "sandwich generation" collides with the middle-aging of the baby boom it becomes the "senior" sandwich generation. In the twenty-first century, 60-somethings in the midst of their own old-age planning are now the generation in the middle, with financial responsibilities simultaneously for elder parents (longevity trends) and adult children (family structure changes plus economic factors). This study focuses on the financial attitudes and behavior of older boomers who have at least one living parent and one adult child. While almost twice as many older boomers financially support only their older children (41 percent) as support only their elder parents (23 percent), over a third of them (36 percent) support both. And the challenge continues. Younger boomers now in their early 50s are the senior sandwich generation "in waiting," and so have additional years to plan for themselves -- and for their younger and older family members.
ISSN:1537-1816
2381-8875