Sandwich Generation Stretched Thin Financially

ATLANTA, Sept. 15 /PRNewswire/ -- Today, Generation Mortgage Company and Zogby International released alarming new data detailing the financial tribulations of the Sandwich Generation -- a sector largely comprised of Baby Boomers who are caring for their aging parents while supporting their own children. The study found that a majority of the Sandwich Generation give their household's current financial situation a negative rating and are having to make tough financial decisions and cutbacks.

The eye-opening results shed light on many financial hardships facing the Sandwich Generation. With unemployment near 10 percent, it is no surprise that 23 percent of those polled have lost a job recently and an additional 24 percent have taken a cut in pay or benefits. This has resulted in 17 percent failing to make a mortgage or rent payment on time due to insufficient funds.

According to the Generation Mortgage/Zogby International survey, finances have forced the Sandwich Generation to make serious cuts in their spending habits to survive during the recession. Seventy-three percent have decreased spending on entertainment, recreation or eating out. Moreover, 43 percent have decreased overall spending on food or groceries and three out of five of those polled say it is difficult to be a caregiver for their parents and/or in laws while financially supporting their children.

"The Sandwich Generation is probably the most financially vulnerable demographic to result from the recession," said Jeff Lewis, Chairman, Generation Mortgage Company. "They are unemployed or under-employed, financially supporting two generations in their family and are saddled with debt from bills and a mortgage. As this group looks to retire, their financial situation, coupled with the state of the economy, is not leaving them with many options."

The study also uncovered that 78 percent of those polled said they are worried about having enough money to retire comfortably and 23 percent have restructured their retirement plan in the last year due to financial reasons. Even more distressing, 52 percent responded that they plan to work part time during retirement to make ends meet.

"As the Sandwich Generation looks towards retirement," commented Lewis, "they should become educated on their available financial options. One of the financial options that is often overlooked is a reverse mortgage."

Zogby International was commissioned by Generation Mortgage to conduct an online survey of 271 adults who have children and are caregivers of parent(s). The survey was conducted from August 9-11, 2010. A sampling of Zogby International's online panel, which is representative of the adult population of the U.S., was invited to participate. Slight weights were added to region, age, race, gender, and education to more accurately reflect the population. The Margin of Error (MOE) is +/- 6.1 percentage points. Margins of Error are higher in sub-groups. The MOE calculation is for sampling error only.

About Generation Mortgage®

Generation Mortgage Company is the largest privately owned reverse mortgage retailer and wholesaler in the United States, a member of NRMLA (National Reverse Mortgage Lenders Association) and is Better Business Bureau A+ accredited. With its sole focus on reverse mortgages, Generation Mortgage is known in the industry as offering the "gold standard" in customer service, providing loan servicing for nearly all of its retail and wholesale reverse mortgage loans. Licensed in 47 states and Washington, DC, Generation Mortgage offers FHA-insured HECM (Home Equity Conversion Mortgage) loans, including fixed and adjustable rates, HECM for Purchase, and Generation Mortgage's new proprietary jumbo Generation Plus® reverse mortgage loan. Generation Mortgage benefits from the strategic and financial support of its controlling shareholder, Guggenheim Partners, LLC, a renowned financial services firm with more than $100 billion in assets under supervision.

Equal Housing Lender. NMLS #1319; Corporate Office: 3 Piedmont Ctr, 3565 Piedmont Rd NE, Ste 300, Atlanta, GA 30305; Arizona Mortgage Banker License #0909296; Arkansas Combination Mortgage Banker-Broker-Servicer License; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; Colorado, To check the license status of your mortgage loan originator, visit http://www.dora.state.co.us/real-estate/index.htm; In CT, licensed and DBA as Generation Reverse Mortgage, Inc.; Georgia Residential Mortgage Licensee #22292, Generation Mortgage Company, 3 Piedmont Ctr, 3565 Piedmont Road NE, Ste 300, Atlanta, GA 30305; Illinois Residential Mortgage Licensee # MB.6760368; Kansas Licensed Mortgage Company #MC.0001660; Massachusetts Mortgage Lender-ML3240; Licensed by the Mississippi Department of Banking & Consumer Finance; Nevada #2970, 800 N Rainbow BLVD, Ste 170, Room 164, Las Vegas, NV 89107, Phone# 702-948-5031; Licensed by the New Hampshire Banking Department as Generation Mortgage Company d/b/a Generation Mortgage Company, Inc; Licensed by the N.J. Department of Banking and Insurance, 51 JFK Parkway, Suite 114, First Floor West, Short Hills, NJ 07078, Phone # 973-218-2418; Licensed Mortgage Banker- NYS Banking Department; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; TX SML License #68405; Licensed by the Virginia State Corporation Commission #MC-4832; Also conducts business in AL, DC, DE, FL, HI, IA, ID, IN, LA, MD, ME MI, MN, MO, MT, NC, ND, NE, NM, OH, OK, OR, PR, SC, SD, TN, UT, VT, WA, WI, WV, WY. Not all products and options are available in all states. Terms subject to change without notice. ©2010 Generation Mortgage Company. All Rights Reserved.

SOURCE Generation Mortgage Company

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