Nearly half of "sandwich generation" women are bending under financial pressure

A new study by Edward Jones offers yet another vantage point to show how women across America are left on the financial back foot as their outsized role in the household takes its toll.

The research, conducted in partnership with NEXT360 and Morning Consult, reveals nearly half of American women in the "sandwich generation" – those responsible for caring for both children and aging relatives – are feeling the strain on their finances. According to the research, 48 percent of women in this group are under financial pressure, which is negatively impacting their ability to save for the future.

This isn't the first time the sobering realities of the sandwich generation has been documented. In a May study by the Alliance for Lifetime Income, 38 percent of financial consumers in the so-called Peak 65 zone said they have at least one living parent or in-lay, while another 28 percent said they're providing financial support for adult relatives. Another study by The Guardian Life Insurance Company of America last month found sandwich-gen Americans in dire straits, with 43 percent and 41 percent citing poor mental and financial health, respectively.

The study highlights the challenges women in particular face in balancing caregiving with financial responsibilities, with nearly two-thirds (64 percent) of women in the sandwich generation stating that caregiving has hindered their ability to reach financial goals. Around three-fifths (57 percent) said they had to cut back their professional workload in favor of their home duties, resulting in a loss of income. The impact extends beyond finances, as caregiving responsibilities also affect women’s health and sense of purpose.

“While many women want the choice and ability to have careers, be caregivers, and be the CFO of their families, balancing the responsibilities of health, family, purpose, and finances has significant trade-offs,” Vanessa Okwuraiwe, principal at Edward Jones, said in a statement Monday.

Okwuraiwe noted that women often take on the primary caregiving role in households, as half of US households are now led by women based on research from the Urban Institute.

Edward Jones's study also found that 54 percent of women are the primary caregivers for elderly relatives, while 46 percent are the main caregivers for their children. Among those surveyed, 56 percent said they lacked sufficient savings to support the people under their care. Looking ahead, women in this generation plan to prioritize saving for caregiving (75 percent), child education (72 percent), and healthcare (81 percent) over the next five years.

Mona Mahajan, principal and senior investment strategist at Edward Jones, emphasized the importance of professional financial guidance to help women weather reach their short- and long-term financial goals.

“Women want a financial professional who gets them, guides them, and can make things easier,” she said.

Understanding topped the list of the qualities women want most from financial professionals, Edward Jones found, with 64 percent saying they look for someone who understands their financial goals and priorities. Around two-thirds also agreed being transparent on fees and charges (58 percent) and experience in financial markets (57 percent) are also crucial.