Sandwich generation caregivers face mounting financial strain, AARP study finds
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An estimated 17 million Americans now care for both a child and an aging or disabled adult, up from 11 million a decade ago, according to AARP and the National Alliance for Caregiving. These caregivers, with an average age of 42, are taking on debt, raiding savings, and derailing careers to meet dual responsibilities. The financial squeeze is most acute for those like Wendy Garvin Mayo, who spent $15,000 on her mother's care last year while stopping retirement contributions.
Key Facts
- An estimated 17 million Americans are part of the sandwich generation, caring for a child and an adult with a disability or complex medical condition, according to AARP and the National Alliance for Caregiving.
- The number of sandwich generation caregivers has risen from 11 million a decade ago.
- Sandwich generation caregivers have an average age of 42, with nearly half between 35 and 49.
- About two-thirds of sandwich generation caregivers hold down a job while providing care.
- Wendy Garvin Mayo, a 45-year-old East Hartford resident, spent $15,000 on her mother's care in the last year and stopped saving for retirement two years ago.
The Sandwich Generation Squeeze
AARP and the National Alliance for Caregiving estimate that 17 million Americans now care for both a child and an adult with a disability or complex medical condition. That figure is up from 11 million a decade ago, reflecting a sharp rise in dual caregiving responsibilities. These caregivers are significantly younger than other family caregivers, with an average age of 42. Nearly half are between 35 and 49, and about two-thirds are holding down a job while providing care. Rita Choula, senior director of caregiving at the AARP Public Policy Institute, said these caregivers are 'younger and more economically vulnerable than other caregivers, with less of a financial cushion to absorb the costs of caregiving on top of raising children.'
Personal Financial Toll
Wendy Garvin Mayo, a 45-year-old East Hartford, Connecticut resident, resigned from her job as an oncology nurse practitioner two years ago to concentrate on caregiving for her mother and son. She calculated that she spent $15,000 on her mother's care in the last year alone. Mayo also stopped saving for retirement two years ago and has not been able to contribute to an IRA since. Her 7-year-old son has autism and needs expensive support services such as tutors, adding to the financial strain. Mayo's three siblings share in care responsibilities but do not evenly divide the financial costs or time spent caring for their mother.
Beyond the Money
Mayo said the demands go beyond finances, as her son 'wants a lot of my time and energy as he is growing older.' She added, 'I'm not always able to honor that because I have to take care of my mom.' Most sandwich generation caregivers say they don't have a choice, with Mayo noting, 'You don't plan financially to become a dual caregiver. You're thrust into being a caregiver because you have to make it happen.'
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