“Single mothers work hard, yet sometimes hard work is simply not enough.” That’s not only a powerful phrase from the Moms’ Equal Pay Day Spotlight it’s an all too real truth for millions of us caught between raising children and caring for aging parents who never had an opportunity to create a financial cushion.
Let’s get real: Nearly half of the Sandwich Generation those caring for both children and aging parents say they’ve been unable to meet essential expenses because of caregiving costs in the past year. That’s according to the 2023 New York Life Wealth Watch survey. And if you’re a woman, the emotional and financial strain can feel even heavier. Women caregivers experience greater emotional stress, have lower financial confidence, and are more likely to indicate they can maintain this pace for six months or less.
Caregiving is a full-time occupation in addition to your full-time work. Sandwich generation adults spend an average of 50 hours per week caregiving 22 for aging family members and 28 for their own children. That’s ten more than a standard 9-to-5. The consequence? Forty-seven percent of them have credit card balances, and more than half have sacrificed their own financial well-being in order to keep their families from sinking.
But here’s the catch: This isn’t about personal responsibility or “bad luck.” The cycle of financial insecurity in families particularly for women is deep, entwined with systemic problems such as the gender wage gap, financial illiteracy, and a social safety net full of holes. In 2023, women lost an estimated $1.7 trillion in income because of pay disparity, Equality Now reported. And if you’re a single mom? The typical annual income is just $40,000, with a poverty rate of 28 percent. Black and Hispanic single mothers face even steeper odds, earning as little as 51 cents for every dollar paid to white, non-Hispanic fathers.
So, why do so many women end up in this position? For one, financial literacy isn’t taught equally. 5% of low-income or mostly underrepresented schools need personal finance courses, yet three times more high-income, largely white schools offer them. As Dr. Michelle Samuels-Jones of NEFE notes, “Financial education plays a crucial role in finances and our overall well-being. Unfortunately, many schools do not prioritize financial education instruction, leaving students unprepared to manage their finances and plan for their future.” The consequence? Generations of women who were never taught the fundamentals of budgeting, saving, or negotiating fair pay until they’re expected to do it all for everyone else.
The toll on emotions is no less a reality. In a 2023 State of Caregiving in the U.S. Survey, 96% of caregivers report feeling drained emotionally, and over half report this feeling often or always. It’s not just stress it’s a constant, grinding worry about money, health, and whether you’re doing enough for everyone. The CDC even notes that many caregivers get too little sleep and neglect their own health, piling on chronic issues like high blood pressure and depression.
But there are ways to break the cycle starting with early, equitable financial education. The momentum is growing: As of 2025, 25 states mandate or are implementing personal finance courses for high school graduation, an increase from only six in 2019. Nevertheless, only roughly 40% of U.S. high school students will be helped, and the gap is largest for students of color and low-income students. Getting financial literacy into all schools and ensuring it is of high quality and culturally appropriate may be a game-changer for the next generation.
For those of us who are already in the fray, strategies of practicality can serve to ease the burden. Professionals suggest automating as much caregiving as one can having prescription and grocery deliveries come to mind and enlisting assistance with particular tasks from family or friends. As Dr. Alexandra Petrakos, a geriatrician with Northwestern Medicine, puts it: You can only be a good, effective and safe caregiver if you have your own health intact first. That includes establishing boundaries, taking time for yourself, and getting involved in support groups for camaraderie and practical advice.
Mental health care is also important. Burnout in caregivers is not an imaginary thing and can strike quickly. The Trualta Guide to Caregiver Burnout suggests focusing on self-care, establishing a support system, and consulting a professional when necessary. Even small measures such as going for a 15-minute walk, declining additional work by saying no, or booking a regular check-in with a therapist can have a huge impact.
If you’re searching for tools to create your own financial know-how, groups such as NEFE, the National Endowment for Financial Education, provide free, easy-access courses and tools for women and low-income households. And don’t overlook peer-to-peer help online forums and in-person workshops can provide practical tips and the sort of sympathy you simply can’t find in a spreadsheet.
Ultimately, the burden of caregiving for aging parents with no savings is not merely a personal issue it’s a symptom of greater, solvable issues. By advocating for improved policies, more just education, and a culture that respects caregivers, we can begin to write a different script for ourselves and those who come after us.
