The Working Daughter Needs Help

One of the most important responsibilities that family members have is taking care of each other when the need arises. In general, people are living longer than ever and are also having children at a later age, which could mean many overlapping years of caretaking duties among three generations in a family.

Studies have shown that about two-thirds of all family caregivers are female,1 and that almost one-quarter of Americans are sandwiched between an aging parent and minor child. Most of those in the “sandwich generation” are between the ages of 40 and 59, but even Millennials younger than 40 make up 19% of this dual-caretaking demographic.2

So, if you’re between the ages of 30 and 60, and dealing with dual-caregiving responsibilities, when do you take the time to focus on what you really need in your own life? The answer to this usually is that you don't. As a result, you may be leaving good opportunities on the table that could help strengthen your future.

Many of our clients are caregiving for both their parents and their own children. When they finally take a moment to breathe, they look around and realize they haven't sufficiently cared for their own health, finances, education and training, or overall wellbeing. 

This is certainly not to suggest that you stop caregiving, but you should consider outsourcing where you can to help set yourself up for success.

We believe one sensible area to outsource is your finances. And please don’t worry if you haven't opened up an account statement in years, know what your tax return says or updated your will to include your last-born child (even if he is now 15 years old).  

The right advisor won't shame you or embarrass you, but instead will guide, support and educate you, while also helping you get back on the right track. You can be assured that someone is “minding the shop” so you can mind your little ones (or older ones). Give yourself permission to enjoy the freedom of knowing that your finances are being professionally cared for—and that it doesn't have to be you who is providing all the care in this circumstance. 

Here are just a few items your Corient Wealth Advisor can help you with, to potentially ease your burden and free up more of your precious time:

  1. Consolidate and organize your investments
  2. Provide a savings strategy 
  3. Ensure your estate plan is in order 
  4. Implement a college savings plan
  5. Review opportunities to mitigate taxes
  6. Determine if you have the appropriate life and disability insurance coverage
  7. Coordinate your property and casualty and liability coverage 
  8. Run an overall financial plan to determine if you’re on track to meet your financial goals 

With that said, to all the working daughters (and sons) who need help, you are seen and respected. We know you’re tired, busy and stressed. Let us help you with one important but complex and time-consuming aspect of your life: your finances.

 

1  https://www.usatoday.com/story/opinion/2023/09/20/gen-z-millennials-live-home-prolonged-adolescence/70865944007/
2  https://www.forbes.com/sites/jackkelly/2023/02/24/the-sandwich-generation-is-financially-taking-care-of-their-parents-kids-and-themselves/?sh=704f9f3f2af4


ABOUT THE AUTHOR

Abigail Rosen, MS Financial Planning

Abigail Rosen, MS Financial Planning

Partner, Wealth Advisor

Abby is a Partner, Wealth Advisor in our Morristown, NJ, office. She is a CERTIFIED FINANCIAL PLANNER™ professional with over 17 years of experience in the financial industry. Prior to her career in finance, Abby was an officer in the United States Navy. Abby specializes in working with corporate executives to help them take full advantage of their available benefits, implement with respect to employer stock concentrations and manage their stock option strategies. She has a designation in Global Financial Planning. Previously, she served at legacy firm RegentAtlantic as a Wealth Advisor and Co-Head of the Corporate Executives Group.

 

She graduated with a Bachelor of Arts from the College of the Holy Cross and received a Master of Science (distinction) in Financial Planning from Bentley University. She was 2020 Citizen of the Year for her work as treasurer of the New Jersey Psychological Association Foundation and is treasurer of the Harding Township Educational Foundation (HTEF) and a Girl Scout troop leader.