Many Baby Boomers are looking after elderly parents, and still supporting children and grandchildren in their retirement. This is just one of the insights I have gathered during my research in to the challenges Baby Boomers are facing in retirement. Recent Shelter figures reveal that roughly a quarter of workers aged 20-34 are living with parents or grandparents.
Whilst those in their sixties may be leaving work, in many cases they are taking on caring responsibilities for grandchildren. This can strengthen family relationships, but can also be a strain, especially if there are disagreements about discipline or if adult children make unreasonable requests of their parents.
The rising cost of housing prices is just one problem facing the ‘squeezed sandwich generation’. Many people who are still supporting adult children in their homes are subsequently forced to remain in work and not afforded the opportunity to downsize. You can read more about the consequences of rising house prices here.
My upcoming book Boom! – The New Age of Retirement and How the Baby Boomers Are Changing Everything will recommend solutions to many of the challenges the sandwich generation are facing.