New research has highlighted the pressures faced by Generation X who find themselves part of the "sandwich generation", balancing the dual demands of caring for their children and aging parents.
The study by Carewell, which surveyed 1,000 Americans aged 35-60, revealed a stark picture of the financial and emotional tolls experienced by those in this group.
According to the study, 71 percent of middle-aged Americans are engaged in caregiving roles for both their children and their parents.
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These dual caregivers, many of whom are also holding down full-time jobs, spend an average of 37 hours a week on extra duties. This significant time commitment is nearly equivalent to an additional full-time job, pushing many to their limits as they strive to meet the needs of their families.
Merritt Ryan, a data journalist on behalf of Carewell, told Newsweek that this caregiving crisis can put a strain on the ability to parent effectively, as there is little time dedicated to their wellbeing.
"Financial strain adds another layer of stress, often causing parents to make tough decisions about their children's needs versus the needs of their aging parents," Ryan said.
The study also found that 70 percent of these caregivers are employed full-time, with 28 percent working from home in an attempt to juggle both their professional and caregiving responsibilities.
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For almost half of those surveyed, the primary motivation for taking on this dual role is to keep the family together, while 33 percent indicated that financial constraints prevented them from outsourcing care for their elderly parents.
The financial impact of these caregiving responsibilities is profound. The study highlights that 71 percent of caregivers are struggling financially as a result of their dual roles. Of these, 75 percent find it difficult to save for retirement and 63 percent are living paycheck to paycheck.
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The financial strain is further compacted by the fact that more than half of the respondents have accrued credit card debt to manage both living expenses and caregiving costs.
These financial pressures also make it difficult for Gen X to save money, with 77 percent of them reporting challenges in this area. Furthermore, 46 percent struggle to pay essential bills, underscoring the precarious financial situation many in the sandwich generation face.
From an emotional standpoint, nearly one in five caregivers reported that they always feel stressed due to their roles outside of their full-time jobs.
Despite the many challenges that come with being part of the sandwich generation, the study also found that caregiving has its benefits.
Nearly half said that keeping the family together is the most rewarding aspect of their role as caregivers. Emotional bonding was high on the list, with 43 percent of respondents expressing that this is a significant uptick in their dual responsibilities.
Ryan told Newsweek that double caregiving does have the ability to strengthen family bonds.
"They cherish the opportunity for their children to build closer relationships with their grandparents, creating a multi-generational connection that is emotionally enriching," she said.
When it comes to caregivers' wellbeing, Ryan said it can be managed with a two-pronged approach.
Firstly, she advised them to seek financial support to ease the economic burden that comes with looking after parents and young children.
To avoid burning out, Ryan also said accepting help from others is important, as well as making time for self-care, such as taking short breaks or doing something physical.
"Lastly, staying organized and practicing patience can help caregivers navigate the emotional complexities of their role while fostering their wellbeing," Ryan said.
Update 8/14/2024 at 03:29 am ET: This article was updated to include the link to the Carewell study and Merritt Ryan's pronouns.
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