Financial Advice for the Sandwich Generation
Between "boomerang" children moving home on the one hand and financially dependent parents on the other, the Sandwich Generation could use a break -- and some sound advice.
Between "boomerang" children moving home on the one hand and financially dependent parents on the other, the Sandwich Generation could use a break -- and some sound advice.
We all know that we should save more and spend less, but we don't always follow that advice. When you break down our responses to the financial crisis by generation, however, some interesting patterns emerge -- and you probably wouldn't guess which generation is doing the worst at financial wellness.
Baby boomers were handed the American dream. They enjoyed a jobs boom, falling income tax rates, rising wages and a soaring Dow -- all part of an unprecedented "demographic dividend." And the inheritance they are leaving for the next generations: a giant economic mess.
Many Americans have been spooked out of the stock market by Great Recession and its aftermath. But despite their apprehensions, the children of the baby boomers are actually eager to jump into stocks -- primarily because they weren't burned personally by the crash.
As Gen-Xers hit middle age and start thinking more seriously about retirement planning, the warnings they're hearing about how far behind they are may make their situation sound more dire than it is.
Generations of Americans are facing threadbare finances in retirement: Judging by what people say they expect to spend versus what they expect to take in, the disparity between income and expenses will be severe.
You could just as well call them "Generation Why Bother." Amid our current hard times, the risk-averse and sedentary Gen Y-ers exhibit little of the gumption that helped prior generations survive their own periods of economic trouble.
For the past few years, it has seemed like depressing economic news has been America's only actual growth industry, and all that negativity is still echoing in our heads. Across the age spectrum, we're downbeat about the future, even as the signs are finally looking up.
At the rate things are changing and in the direction they're moving, the early baby boomers will be the last people to receive both full pensions and full Social Security benefits. If that's not you, you have some extra preparing to do. Here's why, and how:
The Great Recession took lot of wealth out of baby boomer pockets, probably for good. That means luxury merchants will have to set their sights on a new demographic for growth in coming years. That group will most likely be the millennials, 25- to 34-year-olds.
With more than 30% of 18- to 45-year-olds sporting tattoos, they're becoming more acceptable to employers overall. But they could still land you in the "No way!" pile for some jobs. Read about when to display and when to hide your body art, and other tips for job-hunting Millennials.
The recession may claim another victim: The Philadelphia Orchestra. The 110-year old cultural mainstay may declare bankruptcy after ticket sales dwindled this season and its endowment failed to meet its goal.














