The changes in the economy over the past decade have put stress on families and individuals that were not as present in generations past. For younger adults, the higher costs of higher education are causing the accumulation of heavy debt and requiring many to move home after college. For elderly individuals, rising costs of senior living and overall healthcare is requiring adult children to care for their aging parents.
These competing pressures have led to the development of the Sandwich Generation. This generation is characterized as people that not only have to care for themselves when they get into their late careers, but also need to support young adult children and aging parents. To help solve these challenges, there are a variety of tips that people should follow to help meet these challenges.
One tips is to plan for the future as much as possible. While people will want to help provide for their family, it is also important that they care for themselves to ensure that they are financially stable. This will include making sure that they are saving for retirement and getting ready for other expenses that will arise in the future.
Those that are in the Sandwich Generation can also help their aging parents organize their finances. One of the biggest challenges that people have when they age is not having full control or knowledge of their total financial situation. This can lead to people overspending or not taking advantage of state and federal programs that they have access to.
Finally, it is also recommended that individuals in this generation spend more time educating their kids about personal finances. Too many young adults end up graduating from college with too much debt in hand. Parents should help to educate their kids about debt and help them find other solutions reduce their reliance on debt. This can include getting a job on campus, finding scholarships, or even going to a more affordable school for a couple of years.
Those that are struggling with their finances can also work with @HCRwealth, a registered investment advisory firm. This firm can provide advice to manage finances and prepare for the future.
HCR Wealth Advisors is not affiliated with this website.