Millennials & Gen Z: The Sandwich Generation Plight - Research Paper

Introduction

There is a high percentage of the millennial generation that is yet to enter the sandwich phase. The fraction of generation Z that is in the sandwich category is even smaller. Therefore, any policy changes should mainly target the welfare of these two generations as they are the ones who are entering adulthood, and they will be tasked with raising children and taking care of their parents. The previous section of the research highlighted some problems encountered by the sandwich generation. Psychological stress, emotional stress, physical exhaustion, and monetary strain were all discussed as some of the challenges faced by the sandwich generation.

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Importance of Policy Shift

Several factors dictate government policies. For any given country, plans are influenced by social, economic, and political contexts. The issue of helping the sandwich generation is one that cuts across all the three factors because the sandwich generations are such a significant part of the generation population, especially in developed countries such as the United States. According to a report prepared by the National Alliance for Caregiving, a typical sandwich caregiver was born between 1965 and 1980, and on average, is 41 years old (Raley-Weber 4). According to the same author, the sandwich generation is always overlooked (Raley-Weber 4). Their welfare is lost in the headlines between the millennials and baby boomers (Raley-Weber 4). Nevertheless, their contribution to society is very significant.

From the social front, the sandwich generation is responsible for taking care of the majority of the dependents in society. The dependents mostly consist of people below the age of 22 and those above the age of 70. They take care of a burden that would have otherwise occurred the government. The children and the elderly are essential in human society as they create continuity. The sandwich generation ensures that the elderly live long enough to transfer their skills and knowledge to the younger generation. It is, therefore, essential to implement policies that help the sandwich generation facilitate this role without compromising their welfare.

From an economic perspective, the sandwich generation consists of some of the people who are at the prime of their careers. Research on the relationship between age and productivity has a mixed pattern, but many studies have estimated peak productivity at around the age of 40 (National Research Council 109). That would mean that people within the sandwich generation make the most productive group in the economy. Therefore, it would be an economic factor that would make a good reason for the implementation of policies that seek to improve the welfare of the sandwich generation. Promoting the well-being of the sandwich generation would be beneficial for the economy.

Still, on the economic factor, there is also the issue of healthcare costs. Although the healthcare costs of the sandwich generation are not as high as for the elderly group, or baby boomers, it would still be beneficial to preserve the psychological, emotional and physical health of the sandwich generation because of their age. Their obligations lead to the development of mental and emotional issues, such as stress and depression. Some of them develop an addiction as a result of those factors, which leads to the deterioration of their physical health. Their busy schedule also leaves little time for actions or activities that might improve their physical health, such as exercise or a proper diet. As a result, they are at risk of developing health complications, which would not only reduce their productivity but increase the overall healthcare costs in the country.

Policy Focus Areas for Future Sandwich Generations

While the productivity of citizens peaks when they enter the sandwich bracket, the period can be very challenging if the family is not in a good financial position for the tasks that lie ahead. The financial crisis of 2008 destroyed many of the retirement benefits of baby boomers, and it is now up to the sandwich generation to bear the load and take care of their parents. That makes finances the first area of focus that the policy has to address.

The policy can also address the time factor, which would allow the sandwich generation to concentrate on their jobs or children. A personal interview with Tonny Ochali, a 43-year-old software engineer, shows that being increased obligations place monetary and time constraints on the family. Orosi's career spans 20 years. He recently got a promotion to a managerial role in one of the largest tech companies in the world (Orosi). His new position leaves him little time for family and other activities. It is the same case with his wife, who is now a school principal and has to spend a lot of time in her workplace. His wife's parents also need caretaking, and that means that he cannot depend on his wife to take care of both their parents as well as their children (Ochali).

Therefore, policies implemented to address the issue of caretaking among the sandwich generation have to address either the financial factors, time factors, or both. These two factors are of the biggest concern to the sandwich generation. For those who are financially stable, such as Ochali, time is the one resource that they do not have. However, for the low class who struggle to make ends meet, then both time and financial factors are a problem. As life expectancy continues to increase, older people will need to be taken care of. It is, therefore, essential to implement specific policies that will prevent upcoming generations such as generation z and millennials from falling into the same cycle of struggle.

The focus is currently on the generation z and the millennials. These people will most likely be affected by these policies as they enter the workforce. It is, therefore, essential to understanding their styles and cultures before formulating a plan or systems that will affect their life.

Most of the generational disagreements and fights stem from the lack of understanding between people of different generations. The baby boomers have recently been engaged in a war with the millennials. The baby boomers have labeled the millennials as lazy, disrespectful, and entitled. In the workplace, business leaders have had to find ways to make the two groups work together without conflict. These include establishing proper communication channels for resolving disputes (Pollak 111-13). The lack of understanding between millennials and baby boomers is an example of what can happen from generational differences. Baby boomers grew up during the booming economy, which allowed them to achieve financial independence rather quickly (Wassel and Nael 61). The same cannot be said about the millennials who are inheriting a somewhat dysfunctional economy.

The policies that seek to help future sandwich generation should focus on the finances due to the nature of the economy that the millennials and the generation z inherited. According to Greenfield, homeownership, which is one of the most critical aspects of financial security, is proving too big a task for millennials (1). According to the same research, the main obstacle is affordability, which is beyond the reach of most millennials (2). It can, therefore, be expectable that the two generations may delay settling down, which would, in turn, make it harder for them to support both their children and the elderly.

However, the millennials and generation z have particular strengths that may rescue them when the time comes for them to take over the role of caretakers. Tech savviness is one of the attributes of generation z (Seemiller and Meghan 65). The same applies for millennials who have a good command of technology platforms such as social media and teleconferencing. These features have improved the overall efficiency of the two generations. They can leverage the power of technology to accomplish tasks that would have otherwise taken longer for the preceding generations. That will increase their time savings hence improving their ability to juggle between taking care of their parents and their children. They can also work from home, which means they can monitor their children or their parents, as they continue to work. That would prevent them from reducing their working hours and impose minimum risk on their financial security.

Policy Shift

There needs to be a policy shift away from the 'one size fits all' in the making of taxation laws. There is a lot that can be said about the current tax laws in the United States, but there is little discussion on how these tax laws can be altered to improve the welfare of certain groups. The debate on tax laws always focuses on the rich versus poor model (Ballard-Rosa, Lucy, and Kenneth 2). However, that model is very black and white as it doesn't acknowledge the presence of several sub-groups within the rich-poor model. The sandwich generation is one of those subgroups that are often overlooked. Therefore, the shift needs to move away from the current rich-poor model and create special consideration for the sandwich generation who are struggling with family obligations.

It is possible for an entry-level employee in his mid-twenties, with less salary to live a better life than a managerial level sandwich generation member with a six-figure salary. The fact that those in the sandwich generation are entering the prime of their careers doesn't mean that they get to live better lives. The need for supporting their parents and children places a heavy burden on their finances. Introducing tax laws that favor the sandwich group would mean a lot for the group as it would enable them to increase their savings. It will also reduce the amount of phycological stress endured by the sandwich gen. It might not be entirely possible to remove the fears associated with supporting two families, but it can be reduced.

The current tax models aggravate the situation for the sandwich generation. The tax policies don't take into account the increased living costs associated with having children or increased medical costs for parents. Instead, the model focuses on the amount of money that they make, rather than their living expenses. In consequence, the group ends up feeling the burden of the tax policies more than any other group. The sandwich gen has the most needs as compared to any other group. Although not directly, there are plenty of benefits for the government in terms of introducing tax policies that favor the sandwich generation. Taxation is one of the ways the government can directly increase revenue that emerges from its citizens. The other way is indirectly through consumer spending.

The parental and children obligations that sandwich generation has, reduces their ability to spend on other factors. The commitments on the sandwich generation limit their consumer spending at a time when it should be high. Most of the spending done by the sandwich generation is on essential items such as healthcare, housing, and food. With an alteration to the tax policies, they would be able to increase their spending power. According to Donnell, Kim, & Kasten, more people are living longer in retirement, which means the number of people who would need to support their parents in increasing (2). In addition, more people are marrying and having children later in life, which increases the number of people that will enter into the sandwich category (Donnell, Kim, & Kasten, 2).

That means that the government could significantly increase the spending power of its population by introducing policies that are sensitive to the needs of the sandwich generation. The recent economic crisis has reduced the spending power of most people. As the younger generations, that is, millennials and generation z move towards the sandwich generation, it w...