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Financial Tips for the Sandwich Generation

Read through tips on how to better handle your finances and plan ahead as you navigate your role in the sandwich generation.

If you’re raising children and trying to help care for a parent too, you’re in the so-called sandwich generation. It’s a time of life when the increasing needs of aging parents and the continued needs of children can create a lot of stress—and some serious financial complications.

According to a 2013 Pew Research Center study, about half of all adults in their 40s and 50s have at least one parent over 65 and are either raising a child or supporting a grown child, with one in seven providing financial support to both a parent and a child.1 To get through this stage of life without going into significant debt, you need to plan ahead and know how to handle your finances. Here are a few things you should consider doing:

Financial Tips for the Sandwich Generation

Get Financially Organized

Do you know how much you’re worth? Before you can successfully plan for and/or handle the costs of being in the sandwich generation, you need to have a good understanding of your assets and debts, as well as the assets and debts of your parents.

Help Your Parents Plan for a Sustainable Retirement

While it might feel awkward to ask your parents about their retirement planning, you shouldn’t hesitate to do so. Make sure they have a sense of what their lifestyle will cost and, if they’re going to live on a fixed income, that they understand the financial limitations they may face.

Start a College Savings Plan for Your Children

Opening a 529 college savings plan is a smart idea, as it makes saving easier and provides tax advantages. Having a savings plan in place will also give you a good sense of which colleges your children can and cannot afford without additional financial help.

Know Your Options for Long-Term Care

Americans turning 65 have a nearly 70% chance of requiring long-term care at some point in their future.2 This type of care can be costly, so having long-term care insurance is a good idea if your parents can qualify for and afford it. If not, you should have your own plan for what to do if one or more of your parents needs such care.

Share the Costs

If you have kids in college, they can get a job or take out their own loans to help pay for their education. If you have a parent who needs long-term care, you may be able to handle much of it at home with the help of siblings or other family members. Don’t make the mistake of thinking it’s all on you.

Gain the Credentials to Further Your Career by Earning Your Master’s Degree at Walden University

Being part of the sandwich generation can be difficult. But if you understand your financial options, you have a much better chance of managing the needs of your children and parents. And, if you turn to Walden University, you can gain a level of financial acumen that can help you help others plan for and handle the sandwich generation years. In particular, a master’s in finance can give you the skills you need to advise others on their finances.

If you are interested in earning a finance degree, Walden offers the environment and support you need to excel. The MS in Finance program is designed to help you advance as an effective financial analyst, planner, or manager. With industry-aligned coursework and academic guidance, the master’s in finance program can also prepare you to sit for the internationally recognized Chartered Financial Analyst (CFA®) exam or Certified Financial Planner (CFP®) exam, depending on your specialization. Walden’s MS in Finance program also gives you access to the management training you need to fill positions in fields such as corporate finance, investment banking, financial management, financial markets, securities firms, treasury management, and government.

What’s more is that the program is offered on a flexible online platform that enables you to earn your degree from the convenience of your home or from wherever you have internet access. If you’re looking to advance your career in finance, the best decision you can make is to pursue your master’s degree at Walden.

Walden University is an accredited institution offering a MS in Finance degree program online. Expand your career options and earn your degree in a convenient, flexible format that fits your busy life.


Walden University is accredited by The Higher Learning Commission,