Final answer:
The term for consumers caring for both their children and aging parents is the 'sandwich generation'. This group balances child-rearing and elderly care, often leading to financial and emotional stress. The rise in multigenerational households indicates an increasing size of the sandwich generation.
Step-by-step explanation:
Sandwich Generation Definition
The term that comprises those consumers who are responsible for caring for both their own children and their aging parents is the sandwich generation. Members of the sandwich generation are typically in a unique position, as they need to balance the demands of child-rearing while also managing the needs of their elderly parents. This situation can create a high level of financial and emotional stress, as those in the sandwich generation often find themselves juggling multiple caregiving roles while trying to maintain their own lives and careers.
According to studies like those conducted by Bookman and Kimbrel (2011), the task of caring for elderly parents can be particularly challenging, as many family caregivers are employed and unable to provide all the necessary support. The financial constraints of outsourcing professional healthcare can also lead to gaps in care. As the baby boomer population ages, the size of the sandwich generation is expected to increase, as suggested by the growing trend in multigenerational households reported by the Pew Research Center.
Increasingly diverse family structures in the U.S. include not only the sandwich generation but also variations such as single-parent and single-adult households, as well as extended families living together.