Erie, PA- Today, U.S. Senator Bob Casey (D-PA) heard testimony from Erie area residents about the challenges of the region’s so-called “sandwich generation” who are caring for older parents, raising children and saving for retirement,. Residents described the increasing challenges for these families. An expert from the region detailed the difficulties that more and more families face as they care for aging parents, try to make a decent wage in today’s economy and trying to squeeze every penny to ensure a secure retirement.
“Helping more Americans secure their retirement while caring for their parents and raising their children is a significant challenge that will require government, the private sector, educational institutions and non-profits to work together,” Senator Casey said. “Thousands of residents in Northwestern Pennsylvania and throughout the country are working harder than ever to make a decent living, squeeze every dollar they can to prepare for retirement and meet their obligations to their family. Today’s meeting, in particular the personal testimony from residents, will play an important role in the policies that Congress and the Administration should examine in the coming months.”
Nearly half (47%) of adults in their 40s and 50s have a parent age 65 or older and are either raising a young child or financially supporting a grown child. Roughly 1 in 7 (15%) middle-aged adults are currently providing financial support to both an aging parent and a child. [Pew, 1/30/13]
Child care is the highest household expense faced by dual income households, averaging $14,872 a year for 2 children. [Census]
From the start of the recession in 2007 to its end in 2009, there has been a 10.5% jump in multigenerational households, with grandparents, parents, and grandchildren all under the same roof. [AARP, 4/13]
The average out of pocket expenses associated with caring for an aging parent is $5,531 per year. [MSN Money, 8/20/12]
Among working women, 25% have taken an extended break from work of 6 months or longer to care for family members. [Census, 10/17/12]
Copyright 2015 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.