Supporting the Needs of the “Sandwich Generation” with the Right Banking Partner

If you are like me - one of the many adults in NJ who are caring for older relatives while caring for children or grandchildren at the same time - then you are part of what has been termed the “Sandwich Generation.” This may not be as tasty as the NJ staple of Taylor Ham/Pork Roll (choose whichever you prefer) egg and cheese. But it is a reality for many of us here in the Garden State.

In many ways, being stuck in the middle is a positive thing. We have the benefit of raising our children / grandchildren with their grandparents. Historically this creates a better community and gives the children a safe, stable support system. It builds confidence and allows for greater quality of life for the grandparents as well.

Who are the primary members of this generation? 71% of this group are in the 40-59 age range. 19% are younger than 40 and 10% are 60 or older, reports the Pew Research Center. This generation is also evenly split between men and women. However, this generation may have some new and underserved needs that we in the financial industry need to learn to assess and provide solutions to.

Costs for this type of lifestyle tend to increase, approximately $10,000 per household per year according to the same Pew study. Housing, childcare, and intensive senior care can also add to the financial and mental stresses of this life option. People are living longer; childcare costs have increased as well as housing and medical costs. This does not make for a perfect sandwich. We have seen recent adaptation of a multilayered “Club Sandwich,” with multiple layers of children, grandchildren, and aging parents. How about an “open-faced” sandwich, with someone from outside involved in elder care? The examples and combinations go on and on.

What do we as your bankers do to help alleviate the stress of this new unknown? Here at Kearny Bank our team members are educated and trained in the different needs of our local communities. Some of the areas in which we engage in helpful conversations with our clients include:

• Financial Planning**: We are trained and provide financial planning services to help individuals in each of these stages of the Sandwich Generation manage their finances effectively. This can include retirement planning and investment advice.
• Education and Resources: We can offer our communities educational resources and workshops specifically tailored to the needs of this community. These resources can cover topics such as managing caregiving expense, navigating healthcare costs, and planning for college tuitions.
• Flexible Banking Solutions: At Kearny bank we offer flexible banking solutions that cater to the unique needs of our clientele. This may include features such as joint accounts for easier management of finances, online banking tools for convenience and mobile apps for fast access to information.
• Loan Mortgage Assistance: We can aid with loans and mortgages to help manage the financial burden that may come with caring for aging parents while supporting their own children. This could include refinancing options, special loan programs, loan consolidation, etc.
• Insurance Protection**: Kearny Bank also offers insurance products that provide protection for your family. This may include types of care insurance, life insurance, etc., to ensure financial stability in case of unexpected events.
• Support and Guidance: Kearny Bank can also provide personalized support and guidance to our clients. This may involve dedicated relationship managers or financial advisors who can offer advice and assistance based on the specific needs of the circumstances of the individual. This is also given to our clients at no additional cost. That is truly an incredible benefit to our community.

At Kearny Bank, we want nothing more than for all members of our communities – across generations – to thrive together. We can play a crucial role in assisting the Sandwich Generation by providing financial solutions, education, and support to help them navigate the unique challenges they face. If any of this resonates with you, please contact me and I’d be happy to talk to you more about it.

^{By Kellee Sisto, VP / Regional Sales and Development Manager}

About Kellee:

Kellee Sisto is a VP / Regional Sales and Development Manager for Kearny Bank, where she has been since June 2019. She has more than 30 years of banking experience, starting as a customer service representative and progressing to her current role. She takes pride in providing comprehensive support to clients in all aspects of their small business development.

Throughout her career Kellee has had the privilege of leveraging her expertise to decipher solutions for clients, assisting them in realizing their aspirations and bringing their dreams to fruition. Her commitment to providing comprehensive support to clients in all aspects of small business development reflects her unwavering dedication to making a meaningful impact in their lives.

Kellee looks forward to continuing to apply her experience and dedication to the drive positive outcomes and elevate the successes of clients and colleagues alike.

Kellee is a member of Kearny Bank ChangeMakers (supporting Women in Business) and is a resident of East Hanover, NJ.

Contact Kellee today.

^{**Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFG STC Insurance Agency LLC), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Cetera is not affiliated with the financial institution where investment services are offered. Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services. Investments: • Are not FDIC/NCUSIF insured • May lose value • Are not financial institution guaranteed • Are not a deposit • Are not insured by any federal government agency. 1903 Highway 35, Oakhurst, NJ 07755 973-786-2183}