By Wendy Kraft
More and more working Canadians are finding themselves having to take care of both their children and elderly parents.
This growing demographic group (which has been dubbed the sandwich generation) composed of people in their 40s and 50s who should be taking the last few laps before retirement, is facing increasing financial pressures as they juggle careers, family commitments and personal well-being.
According to research published by Statistics Canada, 30 per cent of Canadian professionals are balancing childcare and caring for older family members, while trying to further their own careers and get ahead financially.
These growing multi-generational care costs can hinder financial plans and prevent even the best savers from getting ahead financially. Families caring for both children and older relatives have greater day-to-day expenses and more spent today means less to put away for tomorrow.
Given the sandwich generation will continue to grow as the population ages and as Generation X’ers delay starting families, these additional family and financial responsibilities will be a reality for a greater number of Canadians.
From paying down a mortgage to child care costs, from caring for aging parents to saving for your own retirement, it’s clear the sandwich generation is under a lot of pressure.
Not surprisingly, our members in these circumstances report high levels of overload both at work and at home. While an expert advisor can’t change your familial obligations, having a solid financial plan in place can help prevent financial headaches from adding to the stress.
Many financial institutions, including Envision Financial, can help you put a free financial plan together, which can make a real difference in preparing for the future. It takes discipline, but knowledge and planning are the best remedies for preventing financial stress.