{"id":1484,"date":"2026-09-20T02:01:07","date_gmt":"2026-09-19T18:01:07","guid":{"rendered":"https:\/\/btbitcoin.net\/index.php\/2026\/09\/20\/caregiving-for-kids-and-parents-the-financial-squeeze-kneecapping-millennials\/"},"modified":"2026-09-20T02:01:07","modified_gmt":"2026-09-19T18:01:07","slug":"caregiving-for-kids-and-parents-the-financial-squeeze-kneecapping-millennials","status":"publish","type":"post","link":"https:\/\/btbitcoin.net\/index.php\/2026\/09\/20\/caregiving-for-kids-and-parents-the-financial-squeeze-kneecapping-millennials\/","title":{"rendered":"Caregiving for kids and parents: The financial squeeze kneecapping millennials"},"content":{"rendered":"<div readability=\"113.65982842223\">\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->Two years ago, Wendy Garvin Mayo resigned from her job as an oncology nurse practitioner to concentrate on caregiving for her mom and son.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->Being pulled in two directions was more than she could take. &#8220;I quit because it was too much, especially with a micromanager boss,&#8221; Mayo, a 45-year-old East Hartford, Conn., resident, told Yahoo Finance.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->The income loss, combined with an uptick in her 80-year-old mother&#8217;s caregiving bills, has had repercussions.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->\u00a0&#8220;I calculated that I spent $15,000 on mom in the last year alone,&#8221; she said. &#8220;And I had to stop saving for my retirement two years ago. I know I need to at least start contributing something to an IRA, but I haven&#8217;t been able to really think about that.&#8221;<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->Millions of Americans like Mayo are torn by the daily demands of raising children while supporting an aging or disabled family member, both financially and with physical care.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->An estimated 17 million Americans\u00a0 \u2014 about 3 in 10\u00a0 \u2014 are part of the so-called sandwich generation, caring for a child and an adult with a disability or complex medical condition at the same time, according to new <u>research<\/u> from AARP and the advocacy group National Alliance for Caregiving.\u00a0<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->That&#8217;s up from 11 million a decade ago.<!-- HTML_TAG_END -->  <\/p>\n<h2 class=\"text text-block heading text-left neo-font-heading-lg  yf-18d6y07\" role=\"heading\" id=\"jump-link-younger-and-more-economically-vulnerable\"><!-- HTML_TAG_START -->&#8216;Younger and more economically vulnerable&#8217;<!-- HTML_TAG_END -->  <\/h2>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->These caregivers are significantly younger than other family caregivers, with an average age of 42.\u00a0<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->Nearly half are between 35 and 49, and about two-thirds are holding down a job while providing care.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->&#8220;One of the more disturbing things for these sandwich generation caregivers is really how much they are squeezed financially,&#8221; said Rita Choula, senior director of caregiving at the AARP Public Policy Institute.\u00a0<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->&#8220;These caregivers are younger and more economically vulnerable than other caregivers, with less of a financial cushion to absorb the costs of caregiving on top of raising children.&#8221;\u00a0<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->They&#8217;re taking on debt, raiding their savings, and derailing their careers.\u00a0<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->And most say they don&#8217;t have a choice.\u00a0<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->&#8220;You don&#8217;t plan financially to become a dual caregiver,&#8221; Mayo said. &#8220;You&#8217;re thrust into being a caregiver because you have to make it happen.&#8221; While Mayo&#8217;s three siblings share in the care responsibilities, they don&#8217;t evenly divide up the financial costs of care for their mom, or the time spent caring for her.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->Pair that with her 7-year-old son, who has autism and needs expensive support services like tutors.\u00a0<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->It&#8217;s a constant struggle, Mayo said.<!-- HTML_TAG_END -->  <\/p>\n<h2 class=\"text text-block heading text-left neo-font-heading-lg  yf-18d6y07\" role=\"heading\" id=\"jump-link-more-than-the-money-strain\"><!-- HTML_TAG_START -->More than the money strain<!-- HTML_TAG_END -->  <\/h2>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->Those outlays sting, but money isn&#8217;t the only demand.\u00a0\u00a0<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->&#8220;My son also wants a lot of my time and energy as he is growing older,&#8221; Mayo said. &#8220;I&#8217;m not always able to honor that because I have to take care of my mom.&#8221;<!-- HTML_TAG_END -->  <\/p>\n<\/p><\/div>\n<div data-testid=\"read-more\" readability=\"57.051351351351\">\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->When people are stressed financially, that impacts their emotional and physical health, Choula said.\u00a0<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->&#8220;You can&#8217;t separate the two because it&#8217;s really important for caregivers and those supporting them to understand the immense pressure that these individuals are under and how they&#8217;re impacted in so many different ways that are ultimately connected.&#8221;<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->Mayo agreed. &#8220;As a healthcare professional, there has also been an emotional, mental, and physical toll for me, because everyone looks to me for the answer. So you&#8217;re carrying that, not just being the daughter, but being the daughter with some medical background.&#8221;<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->Mayo is fortunate to still be working part-time, but is self-employed. That gives her more control over her time, but she has had to sacrifice the steady paycheck and benefits that come from a corporate job.\u00a0<!-- HTML_TAG_END -->  <\/p>\n<h2 class=\"text text-block heading text-left neo-font-heading-lg  yf-18d6y07\" role=\"heading\" id=\"jump-link-options-to-ease-the-burden\"><!-- HTML_TAG_START -->Options to ease the burden<!-- HTML_TAG_END -->  <\/h2>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->To avoid leaving their full-time jobs, some caregivers tap the Family and Medical Leave Act (<u>FMLA<\/u>), which provides 12 weeks a year of unpaid, job-protected leave.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->And there is currently a bipartisan<u> proposal <\/u>in Congress that would allow caregivers to use tax-free flexible spending accounts (FSAs) and health savings accounts (HSAs) to pay for a parent&#8217;s or parent-in-law&#8217;s qualified medical expenses.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->Under current law, these accounts generally cover medical expenses for the account holder, spouse, or dependents.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START -->&#8220;There&#8217;s not a lot of financial relief out there for caregivers right now, nor is there financial education that prepares you to be one,&#8221; said Cindy Hounsell, founder and president of the Women&#8217;s Institute for a Secure Retirement. &#8220;It&#8217;s usually a shock for people when you tally up the cost of raising kids and the bills for a sick parent&#8217;s care \u2014 it&#8217;s a whammy.&#8221;<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START --><em>Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including &#8220;<\/em><em>Retirement Bites: A Gen X Guide to Securing Your Financial Future,<\/em><em>&#8221; &#8220;<\/em><em>In Control at 50+: How to Succeed in the New World of Work<\/em><em>,&#8221; and &#8220;Never Too Old to Get Rich.&#8221; Follow her on <\/em><em>Bluesky<\/em><em> and <\/em><em>X.<\/em><!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START --><strong>Click here for the latest economic news and indicators to help inform your investing decisions<\/strong><!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\"><!-- HTML_TAG_START --><strong>Read the latest financial and business news from Yahoo Finance<\/strong><!-- HTML_TAG_END -->  <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Two years ago, Wendy Garvin Mayo resigned from her job as an oncology nurse practitioner to concentrate on caregiving for her mom and son. Being pulled in two directions was more than she could take. &#8220;I quit because it was too much, especially with a micromanager boss,&#8221; Mayo, a 45-year-old East Hartford, Conn., resident, told [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1484","post","type-post","status-publish","format-standard","hentry","category-us-stocks"],"_links":{"self":[{"href":"https:\/\/btbitcoin.net\/index.php\/wp-json\/wp\/v2\/posts\/1484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/btbitcoin.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/btbitcoin.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/btbitcoin.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/btbitcoin.net\/index.php\/wp-json\/wp\/v2\/comments?post=1484"}],"version-history":[{"count":0,"href":"https:\/\/btbitcoin.net\/index.php\/wp-json\/wp\/v2\/posts\/1484\/revisions"}],"wp:attachment":[{"href":"https:\/\/btbitcoin.net\/index.php\/wp-json\/wp\/v2\/media?parent=1484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/btbitcoin.net\/index.php\/wp-json\/wp\/v2\/categories?post=1484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/btbitcoin.net\/index.php\/wp-json\/wp\/v2\/tags?post=1484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}