As people in Asia live longer and women have children later in life, a rising number of adults are simultaneously caring for young children and ageing parents—a phenomenon long recognised in other parts of the world as the growth of the "Sandwich Generation". This new research by the Economist Intelligence Unit and sponsored by Fidelity International shows one in five working-age Asians is now a member of this cohort. These people are typically aged 30 to 45, married, and supporting one or two children and two parents or parents-in-law.

• The pressures of supporting parents and children on Asia's Sandwich Generation have grown as children stay at home longer and life expectancy rises. Asia is in the midst of a fundamental demographic transformation as large numbers of people move into old age and the elderly begin to outnumber the young. But demographic change has already altered the Asian family in important ways. As life expectancy has increased and women have entered the labour market and delayed having children, families are simultaneously caring for young children and ageing parents more than in the past, and doing so while both spouses work. But although the challenges of providing for parents and children may have increased, in Asia the Sandwich Generation's sense of filial obligation remains strong, with 78% agreeing that it is their responsibility to help their ageing parents.
• Education is a top priority and key expense for the Sandwich Generation, and they are willing to pay handsomely for the investment in their children's future. Although their commitment to their elderly parents is strong, Asian Sandwich Generation members uniformly spend more time and money caring for their children, and their children's education is the primary concern. Even if they are not paying steep school fees at private schools, between the cost of tutors, sports and music lessons, and any number of extracurricular activities—which parents consider an integral part of their education—the expenses are considerable. Moreover, many expect to continue paying for their children into early adulthood: 58% of Sandwich Generation members expect to care for their children into their 20s.
• Caring for parents can also be expensive, especially where the social safety net is weak. In regions where the elderly often lack pensions or access to public healthcare services, the burden is heavier on Sandwich Generation members to cover their parents' costs out of their own pockets than elsewhere. Sandwich Generation members in China and Hong Kong find themselves spending more on their parents than their Asian peers, the result of underdeveloped social security systems that provide little support for retirees or their families. However, parents frequently assist the Sandwich Generation in return, providing childcare or other support.
• The Sandwich Generation is working harder, saving less and taking fewer risks with their investments in order to provide for the needs of their children, their parents and themselves. More than one-third of Asia's Sandwich Generation members have had to work harder to cover family expenses since becoming "sandwiched". At the same time, about half have reduced their savings and investments, and nearly two-thirds are more cautious with their existing investments than they would otherwise be. Unsurprisingly, they mostly prefer low-risk bank deposits as their primary savings vehicles.
• Although most of Asia's Sandwich Generation is actively saving to finance retirement, many foresee a lower standard of living once they stop working. For the most part, members of Asia's Sandwich Generation are contributing to public and private pensions or insurance policies, but 42% overall expect their standard of living to decrease once they leave the workforce. South Korean and Japanese Sandwich Generation members have the highest level of anxiety about their retirement years. The mood is very different among those in China, many more of whom (51%, compared with an aggregate of 22%) expect that public benefits will increase in the future. Regardless of their projections for the future, few Asian Sandwich Generation members (16%) seek professional advice in financial planning.
• Because there will be fewer of them, the next Sandwich Generation will shoulder more onerous burdens than the current one. As fertility rates have fallen, the Asian family has become smaller, which means that today's Sandwich Generation members will have fewer children to care for them in their old age than their parents did. So while the absolute numbers of the Sandwich Generation may not increase over the long run, in the future people will have fewer siblings with whom to share the increasingly heavy burden of caring for ageing parents.