Survey examines sandwich generation savings, retirement plans

Recent findings derived from a PNC Financial Services Group survey revealed sandwich generation members have been unable to build emergency savings and retirement balances due to supporting other family members.

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Officials said the analysis determined despite actively saving and preparing for retirement nearly four in 10 of survey respondents indicated they do not have an emergency savings fund and a third have less than $25,000 saved for retirement.

“Our survey revealed that many members of the sandwich generation would prefer to bury their heads in the sand and avoid thinking about their finances,” Rich Ramassini, director of Strategy and Sales Performance for PNC Investments, said. “The reality is that the only way to improve your financial situation is to be honest with yourself and commit to making the necessary changes required to prepare for the future.”

The study also found that 38 percent of survey respondents reported they do not have an emergency fund and another 31 percent have an emergency fund that would last less than six months while more than half have $100,000 or less saved for retirement.

“We can see that the sandwich generation is struggling to save for their own needs,” Ramassini said. “When you add in the demands associated with financially supporting children and/or elderly family members now or in the future, it paints a very grim picture for this demographic’s future unless they take immediate action.”