How to Financially Care for Kids and Aging Parents

Did you know that millennials, those between 18 and 34 years old, make up a quarter of our nation’s caregivers? A QUARTER! And, many are stressed!

Smaller families have created a heavy burden for many young adults caring for their parents. Caregivers who support parents and their own children are described as the sandwich generation – squeezed by the needs of both young and old.

Caregiving demands include physical care, emotional support, coordination of doctors, medications, transportation, daycare, home maintenance, and financial responsibilities.

Lorna Sabbia, an executive with Bank of America Merrill Lynch, says, “As tens of millions of people take on caregiving responsibilities each year, supporting those caring for our aging population has become one of the most pressing financial issues of our lifetime.”

The fatigue and emotional distress interferes with job performance. Many neglect their own health and other relationships by putting their life on hold to care for a loved one. More women than men are affected.

Yet, some say caregiving draws their family close by working together with an eternal perspective.

If you’re feeling the squeeze, get help. Find out what your community offers. Don’t try to do it alone. Serve with love, but take care of yourself, so that you can give your utmost to your loved ones and your employer.  Ask God to provide compassionate help. Organize a program in your church to help those in the body who are caring for family members. Cast all your anxieties on him, because he cares for you. (1 Peter 5:7)       

Save faithfully! Set a Godly example for your children and avoid complaining. And, above all, depend on God. “Do not grow weary in doing good.”

If caring for a loved one or other financial burdens have caused you to go into credit card debt, get in touch with Christian Credit Counselors. You can learn more and start with a free debt analysis at crown.org/ccc.