WASHINGTON, Oct. 7 — About a quarter of U.S. adults, or 23%, are part of the sandwich generation, juggling the financial and emotional demands of raising children while also supporting aging parents. The figure that matters: this group is growing, and the costs are rising. Women in their 40s and 50s are most likely to carry the heaviest burden.
Over 60% of U.S. caregivers are female, and they face higher rates of physical and emotional stress, according to AARP. A 2022 paper in the Journal of the American Geriatrics Society found that 2.5 million Americans provide care to older family members while raising children, dedicating about 77 hours per month to caregiving.
Financial strain is significant. Nearly half of sandwich-generation adults said caregiving costs prevented them from meeting essential household needs in the past year, per a 2023 New York Life Wealth Watch survey. On average, family caregivers spend 26% of their income on caregiving activities, according to a 2021 AARP study.
This adds pressure to an age group already managing substantial debt, as Debt.org reports that Americans in their 50s carry an average of $97,300 in debt across mortgages, credit cards, home equity lines, and student loans. Managing these challenges requires practical steps.
Tracking caregiving expenses by reviewing three months of bank and credit card statements, subtracting any reimbursements from Social Security, pensions, or insurance to determine out-of-pocket costs, is one approach. Creating a shared family support plan using a spreadsheet to coordinate financial and time contributions is another. Simplifying finances by consolidating debts and reducing account complexity can also ease the mental load.
Attaching real numbers to caregiving commitments helps families make informed decisions about debt management, cash flow, and long-term goals like retirement savings. The article emphasizes that understanding the financial impact of caregiving is essential for planning and stability. The article was published on October 6, 2026, by Lauren Hamer, CFEI for BHG Financial, and includes a digital illustration from claudenakagawa // Shutterstock depicting the sandwich generation as a seesaw balancing children, working adults, and elderly parents.
