Navigating the Sandwich Generation’s Financial Pressures

Dec 6

“Caring for yourself is the greatest thing you can do for the ones you love.”

— Alexis Mateo

For many women in their 50s and 60s, financial planning can feel like navigating a storm.

These years often bring a unique set of challenges, as they find themselves pulled in every direction—caring for aging parents, supporting adult children, and trying to prioritize their own financial futures.

Aging parents, if they’re still living, often require increasing levels of care. This can involve tough decisions around healthcare, dependent care, and in some cases, providing financial support when those parents haven’t adequately prepared for their later years.

At the same time, their children may be heading to college, entering the workforce, or even starting families of their own. Many women find themselves caught between encouraging their adult children to gain financial independence while also feeling the pull to help out—whether with tuition, down payments, or unexpected expenses.

It’s no wonder these women often share that they feel overwhelmed. They worry about their own retirement savings, which have often taken a backseat to their family’s needs. And they’re not alone in this struggle. This balancing act—caring for both aging parents and adult children while trying to secure their own financial future—is the hallmark challenge of the sandwich generation.

If this sounds familiar, know that you’re not alone. Many women are walking this same path, searching for ways to balance these competing responsibilities while ensuring their own financial well-being.

Step One: Start With Your Own Oxygen Mask

It’s natural to put your family’s needs first, but your financial stability (and physical and mental health!) must remain a priority. Think of it this way: you can’t help others effectively if your life is on shaky ground.

Here are some non-negotiables to focus on:

Build or Protect Your Emergency Fund. Aim for at least 3–6 months of living expenses in a separate, accessible account.
📖 Learn why an emergency fund is crucial for financial security.
Keep Retirement Savings on Track. Contribute as much as you can—even if it’s not as much as you’d like. Remember: there are no loans for retirement.
📖 Explore tips for saving for retirement while supporting your family.
Set Boundaries on Financial Support. Be clear about what you can and cannot afford to give. Remember that saying “no” to one thing allows you to say “yes” to other things in the future!
Take Care of Yourself. You cannot pour from an empty cup. Giving more than you can manage - financially, physically, and/or emotionally - will eventually lead to burnout and financial insecurity, potentially putting your kids and loved ones in a situation that’s similar to what you are currently trying to manage. Work to find a balance that is sustainable.
📖 Here are a few ideas on how to take better care of yourself

Step Two: Streamline Your Responsibilities

When you’re managing competing priorities, simplifying your financial tasks can reduce stress:

Automate What You Can. Set up automatic bill payments, savings contributions, and reminders for tasks like taxes or healthcare enrollment.
Delegate When Possible. If managing your parents’ finances feels overwhelming, involve a trusted family member, accountant, or financial professional. Teach your kids budgeting and money management to foster independence.
📖 Learn how to delegate financial tasks effectively.
Consolidate Accounts. Managing fewer accounts can save time and reduce confusion.

Step Three: Build a Plan for the Future

You can’t control everything, but you can prepare for the financial road ahead:

Talk to Your Parents. Have open conversations about their financial situation, long-term care preferences, and essential legal documents like wills, powers of attorney, and advance healthcare directives.
📖 Read how to have effective financial conversations with aging parents.
Teach Your Kids. Use this time to guide your children toward financial independence. Show them how to budget, save, and plan for their own futures.
📖 Ideas for how to plant seeds of financial wisdom in your kids.
Prioritize Self-Care. Financial stress takes a toll on your mental and physical health. Budget time and money for things that replenish you—exercise, hobbies, or simply a break.

Focus On What YOU Can Control

Set clear boundaries with kids about how much financial support you can offer.
Work with parents to organize their finances and create a plan for long-term care costs with the help of a financial planner.
Carve out time for yourself, whether it's a weekly walk or a quiet moment to recharge.

While your responsibilities won't disappear, you will feel less overwhelmed knowing you have a plan and the support you need 🙏

If You’re Feeling Stuck, Take One Small Step

Being part of the sandwich generation isn’t easy, but you don’t have to go through it alone.

💡 Start by prioritizing your own financial stability.

Write down one action you can take this week, whether it’s automating savings, setting boundaries, or reaching out for help.

Let’s Simplify Your Financial Life

If you’re managing your family’s finances, planning for your future, or just trying to stay afloat, I’m here to help.

📞 Schedule a free consultation today.

Or send me a message with your biggest financial challenge. Together, we’ll create a plan that works for you.

You’ve Got This

Navigating the sandwich generation brings unique challenges, but it also highlights the strength and care you bring to your family. Let’s work together to ensure your financial future is as secure as the love you give to those around you.

With Warmth & Strength,
~Jess

P.S. Know someone else navigating this stage of life? Share this newsletter with them—they might just need this encouragement today. 🤍

Quick Links -

Whenever you’re ready, there are 3 ways I can help you!

Organize Your Money Course: Are you ready to take control of your financial future, instead of letting it control you? This course will help relieve your financial anxiety and get you back on track.
Book a 1-on-1 Meeting: Whether you’re looking for assistance with your financial planning needs or are in the financial industry and you want to learn how to grow your practice, I can help.
Lake Avenue Financial: If you’re looking to build a relationship with a team who can help simplify, educate, relieve the stress caused by money decisions and make sure you are on your way to financial independence, we are here to help!

Let’s Step Forward Together.

Each week, the Step Forward newsletter provides readers with tips, uplifting stories and actionable steps to guide them through their financial journey.

Join today and receive my free Money Goals Worksheet!

Jess Bost