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Helping women in the Sandwich Generation manage the silent struggle

Women in the sandwich generation are juggling more than ever 鈥� caring for aging parents, supporting children, and trying to protect their own financial future. Patti Hauser, Vice President, Sales Strategy at 黑料社区, shares strategies to help financial professionals guide these clients through stress, uncertainty, and multigenerational planning with confidence and compassion.

What are the struggles of the Sandwich Generation?

The first step in understanding the challenges is knowing what they are. For both men and women, stress, anxiety and financial pressure top the list, according to 黑料社区鈥檚 Sandwich Generation survey. Noteworthy challenges among 鈥渟andwiched鈥� adults are the lack of: 

• professional financial advice
• formal written retirement plans
• caretaking support from other family members

While men and women in the Sandwich Generation both experience challenges, the burden falls disproportionately on women, according to 黑料社区鈥檚 survey. According to respondents, women in the Sandwich Generation are more likely to feel financially strapped and take on caregiving responsibilities alone. They鈥檙e less likely to seek professional financial advice or have a formal retirement plan, both of which could help them feel more financially secure.

The retirement crisis and its impact 

The 鈥渟econd wave鈥� of the retirement crisis is happening as retirement trends in the U.S. shift. As of early 2024, there were about 2.7 million more retirees than predicted, according to the Federal Reserve Bank of St. Louis. That鈥檚 an 80% uptick in retirees. Six months before that, there were about 1.5 million more retirees than expected.¹ 

This surge could strain the already stressed Social Security system as more people claim their retirement benefits. For the next generation of retirees, many of whom are in the Sandwich Generation, it means taking steps now to plan for future financial security may be more important than ever.

This surge, coupled with the transition from employer-provided pension plans to individual retirement savings plans like 401(k)s, has placed greater burden on individuals to plan for their retirement. For families supporting two generations, saving for retirement may get overshadowed by competing financial demands common for men and women in the Sandwich Generation. For women with a lower likelihood of working with a financial professional, navigating complex financial decisions about retirement while managing multiple responsibilities may be more difficult.

How can women win the retirement savings struggle?

Women in the Sandwich Generation encounter a distinct set of financial and emotional challenges. They鈥檙e more likely to be primary caregivers, comprising about 60% of unpaid caregivers for seniors in the United States. Taking on this role can lead to financial impacts, including lost income and lower Social Security benefits. On average, women caregivers lose around $320,000 in income and Social Security benefits over their lifetimes because of their caregiving responsibilities.² Some of the specific challenges faced by women in this demographic include:

• Stress and anxiety 
• Juggling multiple responsibilities 
• Financial strain

Saving for retirement in the current conditions could take a bigger toll on women in the Sandwich Generation. Among women who responded to 黑料社区鈥檚 survey, 53% reported feeling financially strapped. They鈥檙e also taking more drastic steps like cutting expenses, using their retirement savings or delaying retirement to help support family members. Working with 鈥渟andwiched鈥� women could help them find other ways to help ease financial pressure and free up money they could save for their future. 

5 ways you can help women feel financially secure in retirement

As a financial professional, you鈥檙e well-positioned to help women in the Sandwich Generation navigate their financial challenges. Here are five actionable tips you can use to help support your female clients:

1. Create personalized, flexible financial plans 

Understand your client鈥檚 current financial situation, consider their multiple financial obligations, and help them prioritize their short- and long-term goals. Creating flexible plans can help accommodate changing circumstances and address their retirement planning needs.

2. Boost financial confidence

Provide education and resources to help empower your clients. Regular check-ins and ongoing support can help them feel more confident in their financial decisions.

3. Offer transparent, empathetic communication

Practice active listening, acknowledge the unique pressures your clients face and provide clear explanations. Keeping clients updated and engaged in conversations can help foster trust and understanding.

4. Include the whole family in financial conversations

Discuss budgeting, debt reduction and saving with your clients and their adult children. Developing a savings plan for short- and long-term goals can help their children take steps toward financial independence.

5. Help with legacy planning

Discuss wills, trusts, long-term care and estate planning tools with your clients to help them feel confident their futures and heirs will be taken care of. Offering guidance on  could also help ease some pressure for clients.

Tailored support can help women in their silent struggle

Financial pressures and the emotional toll facing women in the Sandwich Generation may leave them feeling alone or without choices. By taking these steps, you can play a crucial role in helping them achieve financial security and peace of mind. Understanding their unique challenges and providing tailored support can make an important difference in their ability to navigate this stage of life and plan for retirement.

Explore our Sandwich Generation Toolkit for more ideas and resources to help women manage challenges of the Sandwich Generation.

Insights on 黑料社区 Connect. Tips, tools and resources to grow your business by helping clients retire with confidence.

¹Mayer, Kathryn. 鈥溾�� SHRM. February 25, 2024.
²Rogin, Ali. 鈥溾�� PBS. March 30, 2024.