More ‘sandwich Generation’ Americans Feel Financially Strained By Caring For Parents

The share of Americans who identify as part of the “sandwich generation”—adults ages 40 to 60 caring for both aging parents and children—who say they are financially exhausted by parental caregiving has increased over the past three years, according to a new survey from Finance of America (FoA).

In total, 69% of respondents said they feel financial pressure from caring for parents, up from 64% in 2022. That figure trails the share who reported emotional exhaustion (86%, up from 79%) and physical exhaustion (80%, up from 71%) over the same period.

The online survey, conducted by HarrisX from Nov. 29 to Dec. 1, included 2,009 U.S. adults ages 40 to 60.

Overall, about one-third of Americans in this age group reported experiencing significant emotional, physical and financial strain. The burden differs by gender: men reported greater financial pressure, while women were more likely to bear the emotional and physical toll of caregiving.

“The emotional and financial strain of caring for parents and children at the same time is real—and growing,” Kristen Sieffert, FoA president, said in a statement. “Macroeconomic pressures such as inflation have placed increased pressure on sandwich caregivers during their peak earning years.”  

The survey also found that 29% of respondents expect their parents to move in with them as they age, the same share who said their parents have asked for financial help. 

About 21% of Americans ages 40 to 60 said they delayed major life events—such as marriage or homeownership—because of parental caregiving, rising to 45% among those who identify as sandwiched.

More than half (57%) of sandwich caregivers said they have had to choose between their career and caring for their parents, more than double the 26% reported among adults overall. “Amid that strain, there are steps caregivers can take to alleviate stress and set a path forward,” Sieffert said. “Our survey shows that honest conversations about family finances can make a meaningful difference.”

Yet only 39% of respondents said they discussed their parents’ financial needs with them in the past year. At the same time, 60% said such conversations would make them feel less overwhelmed, 63% said they would worry less and 84% said it would help their family focus on what matters most.