Millennials in the Sandwich Generation: Balancing Care, Money, and Giving Back

Millennials, born between 1981 and 1996, are entering a unique and challenging phase of life. Many are part of the Sandwich Generation, raising children while also caring for older parents, often navigating the complexities of cognitive decline and dementia. This dual responsibility can be financially and emotionally overwhelming. However, by aligning money behaviors with deeply held values, millennials can reduce stress, strengthen their families, and make a meaningful impact in their communities.

Navigating the Financial Strain of the Sandwich Generation

According to Pew Research Center, nearly 12% of parents in their 30s and 40s are financially supporting both their children and older parents. This growing demographic—now numbering over 11 million caregivers in the United States—faces significant financial pressures, including career sacrifices, rising healthcare costs, and complex caregiving logistics.

Millennials have grown up witnessing economic uncertainty, from student loan debt to an underfunded Social Security system. Historically, charitable giving tends to decline during tough economic times; however, this generation remains committed to social responsibility and philanthropy. The key to managing financial stress while maintaining these values lies in ensuring financial decisions align with their core beliefs.

Aligning Financial Decisions with Values

Psychological research indicates that when behaviors align with personal values, individuals tend to experience lower stress and greater overall well-being. For Sandwich Generation caregivers, this means making intentional financial choices that reflect their priorities—security, responsibility, and generosity.

For instance, a millennial caregiver who values financial security might prioritize building an emergency fund before making large discretionary purchases. Those who prioritize generosity may dedicate a portion of their budget to charitable giving, even in difficult financial times. What matters most isn’t the amount given; it’s the consistency of support, whether through monetary contributions, time, or advocacy.

The Ripple Effect of Purpose-Driven Giving

When financial decisions align with values, the impact extends beyond immediate family needs. Millennials are deeply engaged in philanthropy, supporting social causes through both donations and volunteer work. A 2021 study by Fidelity Charitable found that 74% of millennial donors consider giving to charity as essential to their identity. The 2025 Lilly Family School of Philanthropy report highlights that while younger generations give in similar ways to older donors, they also leverage technology to enhance their impact—utilizing digital tools for advocacy, online donations, and collaboration with nonprofits.

This commitment to giving is crucial for organizations like Sagepoint Senior Living Services Foundation, which provides vital resources for seniors with cognitive decline. When caregivers witness their donations and volunteer efforts making a tangible difference, they experience greater fulfillment and a sense of purpose amid their responsibilities.

Strategies for Financial Stability While Giving Back

Balancing caregiving responsibilities and financial security doesn’t mean sacrificing generosity. Millennials in the Sandwich Generation can adopt practical strategies to maintain financial stability while continuing to support causes they care about:

Set Clear Priorities – Identify core financial values and make decisions that support them. A solid financial foundation ensures sustainable generosity.
Budget for Giving – Even small, consistent contributions can have a lasting impact without placing a financial strain.
Leverage Employer Matching Programs – Many companies offer donation-matching programs, effectively doubling the impact of your contributions.
Give Beyond Money – Volunteering time, skills, or advocacy can be just as valuable as monetary donations.
Teach Financial Values to the Next Generation – Modeling responsible financial habits and philanthropy helps children develop strong financial principles.

Finding Balance Through Purposeful Giving

Being part of the Sandwich Generation is a complex and demanding role, but maintaining financial alignment with personal values can alleviate stress and provide a sense of control. By making intentional financial choices, caregivers not only support their families but also contribute to causes that resonate deeply, fostering a legacy of generosity.

Sagepoint Senior Living Services Foundation deeply appreciates the support of donors who balance caregiving challenges with a desire to make a meaningful impact. Every act of giving—whether financial, time-based, or advocacy-driven—helps build a stronger, more compassionate community for our aging loved ones.

Written by:
Christine Parker, CFP®, APMA™, CRPC™, CSRIC®
Founder, Parker Financial, LLC
Financial Advisor for Family Caregivers
Former Sagepoint Senior Services Foundation Board Member

The information provided is for general educational purposes and does not constitute legal, financial, or tax advice. Please consult a qualified professional for personalized recommendations. Parker Financial, LLC is a Registered Investment Adviser in Maryland. 9300 Endowment Place, La Plata, MD 20646. www.pfadvisers.com