Financial survival tips for the sandwich generation

The so-called 'sandwich generation' finds itself in a unique and challenging position as its members balance providing financial support for both aging parents and children, all while managing their own financial goals.

The so-called “sandwich generation” finds itself in a unique and challenging position as its members balance providing financial support for both aging parents and children, all while managing their own financial goals.

The pressure faced by this generation can lead to personal and financial stress, resulting in less retirement savings, difficulty paying the bills, or being overworked as they’re forced to take on second jobs to make ends meet.

Below, I’ll provide some practical tips to help those in this generation who may be feeling stuck or unable to move forward with their personal financial goals.

According to Corinne Rusch-Drutz, head of Toronto-based Kensington Health Foundation, the sandwich generation consists of individuals who find themselves caring for children under the age of 15 as well as aging or ill parents.

However this could also be expanded to parents with live-in adult children who are balancing providing room and board to their working-age adult children while also trying to provide financially for aging parents.

Who is most likely to be in the sandwich generation?

A recent Statistics Canada report revealed that individuals between ages 35 and 44 are most likely to be sandwich caregivers, followed by 45 to 54 year olds.