It's not just the parents who feel financially stressed. Luckily, simply talking to your children about finance can help ease the burden and build long-term positive behaviors and values.
It's no surprise that parents caught in the middle of the sandwich generation are feeling financially stress and strained. What is surprising, however, is the impact this family dynamic is having on our children.
The sandwich generation is the term used when a parent is caring for both their children and their aging parents. According to the , more than a third of parents with 8 to 14 year old kids are also caring for an aging family member. Of those, 68% report that their aging parent or relative is living with them. One can imagine the unique challenges of this dual caregiver role. Not just the emotional stress, but the financial strain can be overwhelming. Caring for aging parents is expensive.
However, parents aren't the only one feeling the financial strain of the sandwich generation. Their stress is trickling down to the children and having long-term, negative financial impacts.Kids of parents who are caring for an aging family member are more likely to agree with the statement , “I like to spend money as soon as I get it.
dual caregivers are more reluctant to discuss money with their kids . He states that talking to your kids, especially when times are difficult, is an opportunity for you to impart values, priorities and the behaviors that will help them make good decisions when they are older. Ritter explains,"The reality is that kids know what's going on.
These types of conversations have dramatic impacts on children, says Ritter. Children who reported their parents talked to them about money are more likely to have positive money behaviors when they get older, and more likely to save.
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