Survey results also show that 52% expect supporting their parent(s) will cost just as much or even more than supporting their children
NEW YORK, Jan. 4, 2023 /PRNewswire/ — 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. Tea 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):
- 48% said they would use Medicare — even though Medicare doesn’t pay for long-term care
- 18% said they would have to pay for it themselves
- 19% said they don’t know how they’d pay for it
- 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.
“Being a caregiver, whether for your children or parents, can be extremely stressful, especially when you’re balancing it with other responsibilities and your long-term goals,” Myles Ma, personal finance expert at Policygenius, said. “What’s really surprising is how seldom people are talking about what this entails, especially with their loved ones, which could explain why many of them also don’t have financial protection, like life insurance, in place.”
Policygenius commissioned YouGov to poll 2,368 Americans 18 or older, of whom 310 confirmed 1. having a living parent age 65 or older and 2. either being the parent or guardian of a child under the age of 18, or giving financial support to an adult child age 18 or older in the last 12 months. Members of this group are referred to as the “sandwich generation” in this report. The survey was carried out online from Nov. 7 through Nov. 9, 2022. The results have been weighted to be representative of all US adults. The margin of error was between +/-3% and +/-6% depending on the question. Percentages were rounded to the nearest whole number, so some totals may not add up to 100. You can see more data and the full methodology in the Policygenius Sandwich Generation Survey report.
policygenius transforms the insurance journey for today’s consumer, providing a one-stop platform where customers can compare options from top insurance carriers, get unbiased expert advice, buy policies, and manage their insurance portfolio, in one seamless, integrated experience. Our proprietary technology platform integrates with the leading life, disability, and home and auto insurance carriers and delivers an exceptional digital experience for both consumers and insurance carriers. Since 2014, our content, digital tools, and experts have served as a resource for millions of people on their insurance journey, and we have sold more than $170 trillion in coverage.
To receive Policygenius announcements, email [email protected].
For more information:
Associate Director of Media Relations