'Sandwich Generation' Women Want Financial Advice: Study
What You Need to Know
In an Edward Jones study, some two-thirds of these women say that caring for both children and parents inhibits their ability to save for their financial goals
Most say they’re responsible for household spending decisions, but fewer say the same about investments.
The top qualities they look for in a financial advisor are fee transparency, experience and understanding of their goals.
Forty-eight percent of American women in the so-called sandwich generation, those who care for both children and parents or relatives, report feeling under financial strain, Edward Jones reported Monday.
Some two-thirds of women in the sandwich generation said caregiving responsibilities have inhibited their ability to save for their financial goals, and 57% have had to take on fewer professional responsibilities because of these duties, resulting in loss of potential income.
The caregiving burden can also affect women’s personal health and sense of purpose, Edward Jones said.
“While many women want the choice and ability to have careers, be caregivers and be the CFO of their families, balancing the responsibilities of health, family, purpose and finances have significant trade-offs,” Vanessa Okwuraiwe, principal at Edward Jones, said in a statement.
Okwuraiwe noted that those responsibilities often fall on women, as half of all U.S. households are now headed by women, according to the Urban Institute.
Edward Jones, in partnership with Morning Consult and NEXT360 Partners, conducted a mixed-methods study, combining a nationwide online survey in June by Morning Consult among a national sample of 5,998 adults, combined with interviews in June and discussion groups in July with 43 women ages 25 to 71.
Sole Caregivers
Forty-six percent of female respondents in the sandwich generation reported that they are the sole caregiver for their children, while 54% said the same for parents or relatives. More than half said they do not feel they have enough savings to support those for whom they are the primary caregiver.
