NEW YORK, March 10, 2020 /PRNewswire/ -- New research today from Haven Life Insurance Agency (Haven Life) reveals that the Sandwich Generation is struggling physically, mentally and financially. Haven Life, a customer-centric life insurance innovator backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), conducted this national survey to better understand the individuals who are sandwiched by the responsibilities of providing care and decision-making support for both dependent children and aging parents.
The key insight from the survey shows that 80 percent of the Sandwich Generation is overwhelmed. In fact, 84 percent of respondents indicated that their retirement will be negatively impacted by their financial responsibilities to both children and aging parents. The results from this survey underscore the enormous stress that individuals face when navigating the realities of caring for their aging parents and kids at the same time.
Key findings from the survey include:
The Sandwich Generation is consistently overwhelmed. Eighty percent of respondents feel overwhelmed often or constantly. These individuals also indicated they are overwhelmed nearly five out of seven days of the week.
Gender and income may play a role in how overextended the Sandwich Generation feels. Women (84%) in the Sandwich Generation are more likely to report feeling overwhelmed compared to men (75%). Additionally, 84 percent of respondents with an income 0-$49,900 reporting being overwhelmed compared to respondents with an income over $150,000 (63%).
The Sandwich Generation helps with critical decision making for aging parents. The areas where respondents help out the most include healthcare decisions (60%) and financial decisions (55%). Forty-three percent currently assist their parents financially or provide physical care. Nearly 60 percent of the Sandwich Generation expect to financially support their parents or in-laws as they continue to age.
The Sandwich Generation could benefit from more support, specifically mental health and financial advisor services. When asked what would help to reduce their stress, the top three choices selected by respondents include access to a mental health professional (63%), decision-making support from their family (61%) and a financial advisor (57%).
The Sandwich Generation's self-care is suffering. When asked what activities suffer the most as a result of their responsibilities, the top three choices included self-care (63%), sleep (62%) and financial health (43%).
The Sandwich Generation would love more shut eye. If Sandwich Generation respondents were gifted one extra hour in their days, the majority of them would spend it sleeping (50%), followed by spending more time with their children (48%) and their partner (48%).
The Sandwich Generation is struggling to save for their retirement. As a result of their financial responsibilities, a majority of the Sandwich Generation have had to adjust their retirement goals (55%), with 29 percent feeling that they will never be able to retire.
Two-thirds of the Sandwich Generation has life insurance. Given the enormous responsibilities of providing physical, emotional and financial support for their parents and children, the Sandwich Generation seems to understand the importance of financial protection. Of those who don't have life insurance, 66 percent said that being a member of the Sandwich Generation prevents them from getting coverage.
Survey methodology: Haven Life conducted a quantitative survey between January 23 – 28, 2020 and collected N=1,078 completed responses. Respondents were required to be between 30-55 years old, have dependent children and provide decision-making support or care for at least one parent. About 75% of respondents were between the ages of 30-44, and 58% of respondents have a household income between $25,000 - $100,000.
About Haven Life Haven Life Insurance Agency, LLC is a life insurance startup, backed and wholly owned by MassMutual, that offers a simple online experience for buying high-quality and affordable coverage. Driven by a mission to make life less hard, we're committed to changing life insurance so that it's less time-consuming and far more rewarding.