Sandwiched: Caring for One's Children & Aging Parents
It's not uncommon for adults in the ‘Sandwich Generation’ to find themselves caring for their children and parents simultaneously. While there are many benefits to this situation, it can also pose several challenges to the caregiver’s health and finances.
Here, we explore what’s at stake and provide strategies to help navigate this often-tricky family dynamic.
Caregiver HealthBecoming a caregiver can be both physically and emotionally demanding and can also affect financial health. Caregivers must work toward self-care and remaining healthy.
- Physical health – One must be physically able to provide the care that aging parents need. Regular exercise, a balanced diet, and sufficient rest are essential.
- Emotional health – It's important to have a support network in place. This network could include close friends, support groups, or professional counseling.
- Financial health –Reducing work hours or leaving a job entirely to care for parents can affect one's financial situation. Work with a financial professional to create a plan that accounts for reduced work hours and compensation.
A common consequence of caregiving is the potential loss of wages. Consider the following strategies to help overcome wage loss.
- Flexible work arrangements – Talk to the employer about flexible schedules, remote work, or job sharing.
- Caregiver compensation programs – Some programs provide financial support to caregivers. Research potential elder care compensation programs.
- Caregiving cooperatives – Share caregiving duties with other family members or friends to reduce the impact on work.
It's important to be prepared for life’s circumstances as a caregiver.
- Establish an emergency fund – Aim to save at least 3-6 months' worth of living expenses to help cover medical expenses, home modifications, or periods of unemployment.
- Insurance – All family members and parents receiving care must have health and long-term care (LTC) insurance. Consider disability insurance for family members who are still working.
- Regular budget reviews – Review the family budget regularly to assess its sustainability and whether it accounts for potential emergencies.
Those caring for others often neglect saving for their retirement. Here are some tips to work toward future financial independence.
- Contribute regularly to retirement savings – No matter how small the amount, regular contributions can make a significant difference over time due to compounding interest.
- Diversify investments – Spreading investments across different asset classes can help manage risk.
- Consult a financial professional – They can help design a strategic plan to work toward short- and long-term financial goals.
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If you’re part of the Sandwich Generation, be proactive in addressing potential issues in caring for aging parents. Financial independence benefits not only the caregiver but also one’s children and aging parents by providing the reassurance they need.
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While all eyes were on the impact of the U.S./Iran war on energy prices in the April CPI report, one area that grabbed investors’ attention was the sharp rise in shelter inflation. Although shelter inflation was up a modest 3.3% y/y, it rose 0.6% m/m – double the 0.3% m/m increase from the March CPI print. However, this increase was not due to suddenly rising rents, but rather a mechanical adjustment stemming from the government shutdown last fall. During that period, the BLS was unable to gather data for October and instead used a carry-forward method, assuming no change in shelter costs from the previous panel survey date of April 2025. Since the BLS calculates changes in shelter costs using the percentage change over the previous six months from six rotating panels, every CPI report since October has missed a month of shelter cost inflation. The understatement was not corrected until the panel was surveyed again in April 2026.
So, should investors expect shelter inflation to accelerate in the months ahead? As shown in this week’s chart, April’s spike in shelter inflation should be viewed as an aberration caused by data distortions, rather than signs of a new trend. Leading indicators, such as the Zillow Observed Rent Index, indicate shelter inflation will likely continue its downward trajectory.
From both our and the market’s perspective, April’s hot CPI report has taken rate cuts off the table this year as the Fed contends with the war’s impact on prices. Despite our expectation that shelter inflation will continue cooling, the longer the Iran conflict persists, the more upward pressure there will be on prices overall.
Chart of the Week: Source: BLS, FactSet, Zillow, J.P. Morgan Asset Management. *Zillow Observed Rent Index data is being led by 12 months. Latest Zillow Observed Rent Index data are as of March 2026. Data are based on availability as of May 15, 2026.
Thought of the Week: Source: BLS, FactSet, Zillow, J.P. Morgan Asset Management. Data are as of May 15, 2026.
Abbreviations: Cons. Sent.: University of Michigan Consumer Sentiment Index; CPI: Consumer Price Index; EIA: Energy Information Agency; FHFA HPI: - Federal Housing Finance Authority House Price Index; FOMC: Federal Open Market Committee; GDP: gross domestic product; HPI: Home Price Index; HMI: Housing Market Index; ISM Mfg. Index: Institute for Supply Management Manufacturing Index; PCE: Personal consumption expenditures; Philly Fed Survey: Philadelphia Fed Business Outlook Survey; PMI: Purchasing Managers' Manufacturing Index; PPI: Producer Price Index; SAAR: Seasonally Adjusted Annual Rate
Index: Institute for Supply Management Manufacturing Index; PCE: Personal consumption expenditures; Philly Fed Survey: Philadelphia Fed Business Outlook Survey; PMI: Purchasing Managers' Manufacturing Index; PPI: Producer Price Index; SAAR: Seasonally
Adjusted Annual Rate
MSCI EAFE is a Morgan Stanley Capital International Index that is designed to measure the performance of the developed stock markets of Europe, Australasia, and the Far East.
Bond Returns: All returns represent total return. Index: Bloomberg US Aggregate; provided by: Bloomberg Capital. Index: Bloomberg Investment Grade Credit; provided by: Bloomberg Capital. Index: Bloomberg Municipal Bond 10 Yr; provided by: Blomberg Capital. Index: Bloomberg Capital High Yield Index; provided by: Bloomberg Capital.
Key Interest Rates: 2 Year Treasury, FactSet; 10 Year Treasury, FactSet; 30 Year Treasury, FactSet; 10 Year German Bund, FactSet. 3 Month LIBOR, British Bankers’ Association; 3 Month EURIBOR, European Banking Federation; 6 Month CD, Federal Reserve; 30 Year Mortgage, Mortgage Bankers Association (MBA); Prime Rate: Federal Reserve.
Commodities: Gold, FactSet; Crude Oil (WTI), FactSet; Gasoline, FactSet; Natural Gas, FactSet; Silver, FactSet; Copper, FactSet; Corn, FactSet. Bloomberg Commodity Index (BBG Idx), Bloomberg Finance L.P.
information from FactSet's Pricing database as provided by MSCI. Russell 1000 Value Index,
Style Returns: Style box returns based on Russell Indexes with the exception of the Large-Cap Blend box, which reflects the S&P 500 Index. All values are cumulative total return for stated period including the reinvestment of dividends. The Index used from L to R,
top to bottomare: Russell 1000 Value Index (Measures the performance of those Russell 1000 companies with lower price-to book ratios and lower forecasted growth values), S&P 500 Index (Index represents the 500 Large Cap portion of the stockmarket, and
is comprised of 500 stocks as selected by the S&P Index Committee), Russell 1000 Growth Index (Measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values), Russell Mid Cap Value Index (Measures
the performance of those Russell Mid Cap companies with lower price-to-book ratios and lower forecasted growth values), Russell Mid Cap Index (The Russell Midcap Index includes the smallest 800 securities in the Russell 1000), Russell Mid Cap Growth Index (Measures the performance of those Russell Mid Cap companies with higher price-to-book ratios and higher forecasted growth values), Russell 2000 Value Index (Measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values), Russell 2000 Index (The Russell 2000 includes the smallest 2000 securities in the Russell 3000), Russell 2000 Growth Index (Measures the performance of those Russell
2000 companies with higher price-to-book ratios and higher forecasted growth values).
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