India’s 60 percent of the ‘sandwich generation’ is concerned about future financial security, a new survey.

Sandwich generation is a word that is used to define individuals in the age group of 35–54 years, which financially provides for the dependents of two generations-children and aging parents. The word was coined in the late 20th century due to life span and later the era of delivery.

The cycle of care of both his parents and children mainly determine the financial decisions of the sandwich generation as well as their routine. In a specific day in the life of a sandwich-generation person, taking your mother to the doctor in the morning, helping your child with school homework in the evening, interacting on a important deal at work, and at the grocery store Creating a quick run may involve the way to the house.

In collaboration with Edelweiss Life Insurance, YouGov, surveyed more than 4,000 respondents from this generation in 12 major cities including Delhi, Mumbai, Ahmedabad, Kolkata, Chennai, Kochi and Chandigarh.

What the survey says

One important 60 percent The respondents said that no matter how much they save or invest, it never seems enough for the future. More than 50 percent Sandwich generation participants expressed concern about getting out of money.

This, of course, is not the first sandwich generation that India is watching, but unique social and economic challenges separated them. Credit cards and loans make heavy dependence on loans, increased cost of life, expensive healthcare and education, and a better living standard for this generation to make finance navigating for this generation.

The future costs of children’s education, future health care costs, lack of work-life balance, and decline in parents’ health are their top concerns. At the same time, they are taking family holidays and maintaining a good standard of living, even though it means raising their resources. But this tireless dedication is leading to many people in the sandwich generation to burn through their income and savings, exposed through high credit dependence and first investment compared to planned.

For sandwich generations, the top three short-term aspirations are taking their parents on leave and improving the current standard of their lives. In the long run, they wish to provide their children for marriage, deposit enough savings for retirement, and travel.

Life insurance, health insurance, mutual funds, equity and bank FDs make their most preferred financial instruments. But the survey also suggests that they end up reaching these investments ahead of time. Medical expenses emerged as the strongest cause of premature liquidity.

Essentially, sandwich generations are caught in a continuous quarrel between short -term aspirations and for long -term people. This generation, while understanding the importance of long-term aspirations, is eager to give their children a life of abundance and to ensure that their parents do not want to enjoy their desire or life through travel And is better standard and a better standard livelihood.

They also want to ensure that important needs are met, for which they are really ready to develop high credit Reliance and liquidate assets before maturing.

During the survey, average monthly domestic income came out Rs 1,00,000 and Rs 2,50,000. However, dual responsibilities make it difficult for sandwich generation to enjoy money.

43 percent Expressed that they cannot enjoy anything because they feel that they are wasting money. The guilt is not enough by the spirit of not being enough, especially for future protection.

Financial advisor requires

This constant sense of insufficiency leads to ‘money dismorphia’, despite resources, they feel economically unprotected and are unable to breathe easy about their future.

What can help? Taking financial advice – This can help them to make better planning and navigate a mixture of emotional and financial stress.