Millennials in the Middle: The Financial Strain of Caregiving

For many Millennials, caregiving isn’t just an emotional responsibility, it’s becoming one of the biggest financial challenges of their generation.

According to research from MIT AgeLab:

✅ 53 million Americans are unpaid caregivers

✅ The average Millennial caregiver is just 30 years old

✅ 61% are balancing caregiving while working full-time

✅ 30% have stopped saving for their own future

✅ 23% have taken on additional debt

Many Millennials now find themselves caught in the middle: building careers, raising young families, and unexpectedly stepping in to care for aging parents. This “sandwich generation” faces real financial strain, often at a stage in life when they’re also trying to build their own financial foundation.

How to Stay Financially Resilient as a Caregiver

If you're already caregiving, or see it on the horizon, here are a few steps to help you protect both your loved ones and your own financial future:

✔ Start open, honest conversations with your parents early

Talk now about their wishes, financial situation, and potential care needs. Having clarity before a crisis makes decisions much easier.

✔ Understand potential medical and long-term care needs

Learn about your parents’ health, insurance coverage, and care options. The more you know, the better you can plan ahead.

✔ Build an emergency care fund

Unexpected caregiving costs like medical bills, home modifications, or professional care can add up quickly. A dedicated fund can help you avoid debt down the road.

✔ Incorporate caregiving into your long-term financial plan

Factor in possible reduced work hours, caregiving expenses, and how it may affect your retirement savings.

✔ Share the responsibility with family

Involve siblings and extended family. Divide financial contributions, time commitments, and caregiving roles to avoid burnout.

✔ Protect your own financial future

While caregiving is a tremendous act of love, it shouldn’t jeopardize your own financial security. You can’t pour from an empty cup — take care of your finances first so you can better help others.

Caregiving is rarely a one-time event. It’s an ongoing journey. The earlier you start planning, the better prepared you’ll be to handle whatever comes your way.

If you’re balancing caregiving and your own financial future, don’t wait until it feels overwhelming. Let’s build a plan that protects you, your parents, and your children.