Cecily O'Connor
RedwoodAge.com

American baby boomers have lots of company around the world in worrying how to support both their parents and their children. 

"Sandwich generation" boomers in Japan, South Korea, Germany and Britain also face intergenerational financial obligations. And, like the yanks, they're responding by making lifestyle changes, delaying major purchases and putting off saving for retirement, according to research from The Hartford Financial Services Group. 

"Longer life spans are creating new pressures in the developed world, especially as many people are now caring for - or expect to care for - multiple generations," said Lizabeth Zlatkus, president of Hartford Life. 

This is especially true in South Korea where 49 percent of those over 45 feel sandwiched. compared to 28 percent in the US, according to the study. The percentage is 40 percent in Germany, 29 percent in Japan and 23 percent in the UK.

Boomers' financial assistance is being stretched to the maximum in America. They're helping adult children pay off college debt while also shelling out money for living costs like medical insurance, rent, utilities and car payments, according to Ameriprise Financial, which studied US boomers' spending last year. 

The needs of aging parents are somewhat different from the kids. Groceries, medical expenses, mortgage payments and long-term care make up the bulk of elders' financial needs.  

'Tighter Margin of Error'
Boomers' willingness to give so generously carries serious risks if they don't budget for all those competing financial demands.  

"Because they have a tighter margin of error, members of the sandwich generation not only need to make the most of every retirement dollar invested, they need to protect and preserve their hard-earned savings," said Zlatkus.

About 74 percent of boomers in Japan said they are concerned with their financial obligations, compared to 44 percent of US adults; 42 percent in South Korea; 38 percent in Germany; and 32 percent.in the UK.

Often, boomers are dealing with more than one issue at a time. That's why nearly half of families in the US made lifestyle changes, including cutting back on eating out and entertainment, delaying vacations or reducing purchases. About 43 percent of boomers in Japan and Germany made similar changes, compared to 35 percent in South Korea and 33 percent in the UK. 

To that end, sandwich generation adults are less optimistic about their so-called golden years. They expect their retirement to be less leisurely, and were more likely to see themselves working longer. This is especially true in the US and UK.

American boomers are also more likely to put off saving for retirement, with about 22 percent delaying this and other financial goals. In other countries, 22 percent UK boomers delayed saving, compared to 18 percent in Japan, 17 percent in Korea, and 10 percent in Germany.

Americans led the world in their concern over meeting day-to-day expenses while caring for multiple generations; about 35 percent expressed worry.

About 26 percent of Japan's boomers felt that way. The number fell to 22 percemt in the UK. 17 percent in Germany and just 14 percent in South Korea.