PLANSPONSOR - February/March 2018 - 58
BEHAVIORAL FINANCE
Sandwiched Between
W
hile being in the " sandwich
generation " might sound
appetizing, finding oneself
called on to financially support both
children and aging parents during one's
prime earning years can be a real retirement-readiness
killer.
The Demographic
Once pinned to the Baby Boom generation,
the sandwich challenge has seemingly
passed to Generation X-roughly those
born from the early or mid-1960s to the
late 1970s. Deepening the challenge for
this cohort, Gen X established their careers
during a period of difficult political and
economic transformation. These investors
and job seekers faced down both the
" dot-com " market crash of the early 2000s
and the Great Recession credit crisis of
2008 through 2009 relatively early in
their careers, leading many to miss out
on earnings potential or to put off saving
adequately.
But, according to industry experts,
sandwich financial pressure is actually
quite widespread in the U.S. and can
impact individuals in any generation-
especially with increasing longevity. Many
of today's newest Millennial-generation
parents, as well as Boomers whose children
have not yet left home, confront the
" sandwich challenge, " potentially jeopardizing
their retirement planning success.
Today's sandwich generation
comprises 36% of U.S. workers overall,
according to Wells Fargo. Likely surprising
to very few, the challenge is clearly greater
58 PLANSPONSOR.com February-March 2018
Art by Melinda Beck
Supporting kids and aging parents can derail workers' retirement
for women-cited by 43% of them-versus
30% of men, and is apt to grow even more
widespread in the future.
Defining the Challenge
In asking Americans specifically about
their own offspring, researchers found
that more than two-thirds (67%) say these
future adults will have a better standard
of living than they do, compared with
just over half who made that statement in
2011, says a survey by Ipsos and New York
Life. According to the researchers, these
stats begin to show just how committed
Americans are to the idea of providing a
better life for their children-even at the
expense of their own long-term outlook.
The data show current-parent respondents
across all generations were optimistic
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PLANSPONSOR - February/March 2018
Table of Contents for the Digital Edition of PLANSPONSOR - February/March 2018
25 Years of Retirement Plans
2017 DC Survey: Providers
2018 Best In Class 401(k) Plans
Trends in Risk Assets
What Lower Fees Reveal
Sandwiched Between
Nondiscrimination Testing
PLANSPONSOR - February/March 2018 - Cover1
PLANSPONSOR - February/March 2018 - Cover2
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PLANSPONSOR - February/March 2018 - 25 Years of Retirement Plans
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PLANSPONSOR - February/March 2018 - 2017 DC Survey: Providers
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PLANSPONSOR - February/March 2018 - 2018 Best In Class 401(k) Plans
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PLANSPONSOR - February/March 2018 - Trends in Risk Assets
PLANSPONSOR - February/March 2018 - 55
PLANSPONSOR - February/March 2018 - What Lower Fees Reveal
PLANSPONSOR - February/March 2018 - 57
PLANSPONSOR - February/March 2018 - Sandwiched Between
PLANSPONSOR - February/March 2018 - 59
PLANSPONSOR - February/March 2018 - Nondiscrimination Testing
PLANSPONSOR - February/March 2018 - 61
PLANSPONSOR - February/March 2018 - 62
PLANSPONSOR - February/March 2018 - 63
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PLANSPONSOR - February/March 2018 - Cover3
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