5 important things to remember about working with sandwich generation clients

According to a 2013 study by the Pew Research Center, nearly half of U.S. adults age 40-59 have a parent 65 or older while also raising a young child or providing financial support to an adult child, and 15 percent are financially supporting both a child and an aging parent.

Likely because of this, sandwich generation adults are more likely to feel they do not have enough time in the day, with 31 percent feeling rushed compared to 23 percent of non-sandwich-generation adults.

In a 2010 study by the Economic Intelligence Unit surveying members of the sandwich generation from seven Asian countries, 36 percent of people said they were working harder as a result of needing to pay for the care of parents and children, with 14 percent adding another job. Of those surveyed, 58 percent had cut or spent savings to finance their needs, with 49 percent lowering their investments.

MDRT members who have worked with these clients recommended five ways to handle these challenges:

  1. Get everyone on the same page. When dealing with multiple generations, communication is extremely important to make sure all members of the family understand the circumstances.
  2. Encourage clients to take care of themselves. You are there to help them, but first and foremost, they can’t forget self-care.
  3. Be proactive in any way possible. Besides the usual planning, this can also include helping clients put together a list of contact information and relevant information for what to do if something happens to members of the family.
  4. Review goals frequently. As three generations get older and financial and health circumstances change, make sure to regularly address how plans align with goals and changes for clients and their families.
  5. Be empathetic. Family conversations can be very emotional. Sharing with clients what you’ve experienced can help identify urgency and show how you will help them.

Read more tips about working with sandwich generation clients in the July/August cover story of Round the Table.

Written by Matt Pais, MDRT Content Specialist

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