Trying to balance the needs of children and parents is piling on pressure
Millions of Canadians are part of the so-called Sandwich Generation, those who have children and aging parents, and a desire to take care of both.
But with economic conditions providing additional challenges to an already large commitment, is this cohort of people aged 25-65 able to fulfil their promises, particularly relating to enabling their parents to age in place?
A new report from HomeEquity Bank reveals that almost one third of those who took part in its survey have committed to keeping their aging parents out of long-term care, allowing them to remain in the homes they love. But around half of respondents are worried about keeping this promise.
More than two thirds said that they are concerned that caring responsibilities may impact their ability to reman employed, restrict their hours, or stymie career progression. Over half of the Sandwich Generation envision a future where they may be financially responsible for both their parents and children simultaneously.
Considering the options
The conversation is happening though, with more than two thirds saying they have discussed the options with their parents, around six in ten having (or planning to have) discussions with their siblings, and a similar share having a plan in place to ease some of the financial burden.
"We knew the Sandwich Generation was under pressure, but the research revealed just how worried they are,” said Vivianne Gauci, senior vice president of customer experience. “They want to honour their parents' decisions but that can come with both stress and financial strain, underscoring the importance of planning and communicating now for the support and resources that may be needed later."
Seven in ten respondents said they would benefit from professional financial advice on how to manage their situation.
“The worries are real, but there are solutions," added Gauci. " The Sandwich Generation is so worried, but it can't just be on families to solve. Through initiatives like our Personal Support Worker awards program and educational resources, we aim to bring the caregiving crunch to the forefront and inspire a national conversation."
