Sandwich generation

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The Sandwich Generation are a generation of people who care for their ageing parents while supporting their own children.

Merriam-Webster officially added the term to its dictionary in July 2006.

For Example:

Thomas and Liz are a couple in their 40s. They are busy raising a family of three children. They also spend much time each week at their parents' homes doing yard maintenance and running errands for their parents. Thomas and Liz are members of the Sandwich Generation.