Feb 04, 2023 Last Updated 01:35 AM EST

Personal Finance

The "Sandwich Generation" is all about having too much on your plate- yet survived

Oct 09, 2015 02:27 AM EDT

"Sandwich generation" was coined by Dorothy A. Miller in 1981 which means a generation who cares for their own children and their aging parents along with personal standing and obligation.

According to Pew Research Center, in every 8 Americans aged 40 to 60 there is 1 who raises a child and taking care for a parent at the same time. Primarily, "capital-intensive" care deliberately accustomed to children, while aging adults require more time and labor-intensive care. It needs a lot of compensation, averaging $10,000 on their parents and children combined per year.

Most depend on family and friends for daily basis consumption.

U.S. Senator Bob Casey said that the increasing challenges of caring children and aging parents brought a big issue in the income stability of households.

"Helping more Americans secure their retirement while caring for their parents and raising their children is a significant challenge that will require the government, the private sector, educational institutions and non-profits to work together," Casey added.

"Thousands of residents in Northeast Pennsylvania and throughout the country are working harder than ever to make a decent living, squeeze every dollar they can to prepare for retirement and meet their obligations to their family."

According to Forbes, the sandwich generation might be unavoidable, but there are ways to underpin financial burdens by promoting career development and personal health seminars for involved persons.

"Ultimately, communication and planning are the keys to providing care without breaking the bank. You may want to avoid sitting down and having awkward conversations with your parents about money; however, if you intend to take charge of your parents' care, talking to them about their financial situation is a good place to start" Forbes added.

Moreover, working from home is a smart way to manage multi-dimensional responsibilities. Home-based employees keep more of their net earnings by cutting out transportation costs, the need to spend money on corporate wear, lunches out, daycare costs, and, the purchase or leasing of an office are financial benefits of working online.

The Global Workplace Analytics said that 1 out of 5 Americans works online. Thus, grabbing a great demand of income; digital technology, virtual information, and social media brought a large scale of count averaging 30 million Americans.

"The key to profitability is the ability to work online remotely," says Adryenn Ashley, the producer of How to Create, Produce, Distribute, and Profit from your Own TV show and part of the "sandwich generation."

"It is vital to actively communicate with the caregivers, children, and elder people in order to keep in dialogue open about feelings, struggles, and expectations within the family".

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