Saturday, January 28, 2023
Family Financial Stress
From Yahoo! News:
Parents have financial obligations for raising their children, with some estimates around $12,000 annually per child, but members of the "sandwich generation" are often financially supporting their own parent(s) as well.
A new survey shows that 66% of the sandwich generation — Americans who are raising or financially supporting children and also have at least one living parent age 65+ — are either "very stressed" (29%) or "somewhat stressed" (37%) about affording their family's financial obligations over the next 10 years. The Policygenius survey also found that more than half of the sandwich generation (52%) expect that supporting their parent(s) will cost just as much or even more than supporting their children over the next five years.
Other findings from the Policygenius Sandwich Generation Survey include:
When asked how they would pay for long-term care for their parent(s):
24% haven't discussed financial needs, health care needs, a will, end-of-life care wishes, or estate planning with their aging parent(s).
49% don't have life insurance to help financially support their loved ones after they die.
Read more here.