Tag Archives: gender parity

Women sandwiched between working and caregiving face health and financial challenges

Women often provide care for both children and elderly parents and understand the physical and fiscal effects of being a caregiver. This demographic is known as the “Sandwich Generation” because they must balance work with unpaid caregiving responsibilities. 

Being in the Sandwich Generation contributes to stress, depression, exhaustion, and financial hardship for caregivers. Many of the challenges women face include helping parents with long-term care and costs, determining money needed for retirement, figuring out healthcare expenses in retirement, paying for children’s education, and determining how to handle disability should working become an issue. 

In this paper, Milliman’s Janet JenningsSheila Jelinek, and Suzanne Norman explain how multigenerational care affects women’s health costs. They also discuss how women can become more aware of resources and solutions that will help them and their loved ones improve their financial security. 

Helping women reach financial goals

A recent survey by Prudential reported that 54% of women are primary breadwinners, but men on average were more likely to say they are on track to meet their financial goals. Only 54% of women have put aside money for retirement compared to 61% of men. And when asked about their financial future, 52% of women said they were very worried compared to 42% of men.

Women face unique obstacles in securing the necessary road map for retirement. But as Milliman’s Christine Jello, Suzanne Norman, and Pat Renzi say in their article, “Women and retirement,” there is reason to be optimistic that, through innovative technology and an industry aware of women’s purchasing power, more resources are becoming available to help them chart their financial futures.