The Sandwich Generation: Financial Struggles for Caregivers

Financial struggles are the most common issue faced by those in the Sandwich Generation. Meeting the needs of growing children while caring for aging parents can take its toll on a pocketbook as well. In fact, 41% of family caregivers in the Sandwich Generation say that their current financial situation is enough to “just meet basic expenses” or they “don’t have enough to meet basic expenses.” While done for all the right reasons, providing home care for a family member can and often does lead to serious financial troubles for the family caregiver.

These financial troubles are not just the result of money spent providing at home care and other basic needs. Raising children while acting as a personal care assistant for a parent can force an individual to miss potentially lucrative career opportunities. A 2011 survey found:

• 1 in 4 caregivers say their home health care duties prevented them from working more
• Caregivers reported missing an average of 6.6 workdays a year to care for a loved one
• Caregiving has been shown to reduce work productivity by 18.5%
• 5% of working caregivers said that they turned down a promotion because of their home care commitments
• $3 trillion is lost to caregivers annually in the form of lost wages, pensions, retirement funds, and benefits

These numbers are expected to grow in the coming years as more family caregivers continue to join the Sandwich Generation.

Getting Paid to Take Care of a Family Member

Various programs are available to help ease the financial burdens of family caregivers. According to the Minnesota Leadership Council on Aging, caregivers in Minnesota leave $7 billion on the table annually. By arranging to work as a personal care assistant for their loved ones, caregivers can get paid for taking care of a family member.

Click here to learn how to get paid for taking care of a family member

Money concerns are one of the most common issues the home care professionals at Best Home Care help family caregivers in the Twin Cities address.. As a leading Twin Cities home care agency, we are committed to helping family caregivers and personal care assistants find solutions to whatever problems they face within their caretaking roles. Contact us to learn how to get paid to take care of a family member today!