READ OUR REVIEWS

Are You Part of the Sandwich Generation? Helping Parents and Children Through Financial Challenges

Posted on 4 October 2017

Are you part of the sandwich generation and feeling the impacts on your bank account?

The sandwich generation refers to those in the 35-55 year age range, those who care for their own parents while also supporting their own children. Financially, they’re stuck in the middle.

According to Statistics Canada, as of 2016, the sandwich generation included more than two million Canadians. As Canada’s population ages and the older generation is no longer capable of caring for themselves, this number is expected to rise.

Young children are, for the most part, wholly dependent on their parents, and thus their expenses are to be expected. However, with rising home prices, and wages not rising with inflation, more and more young adults are choosing (or finding it difficult to do otherwise) to stay at home with parents rather than leaving the nest and living on their own. This, of course, can put a strain on the parents’ resources at a time when, historically, finances should be trending downwards.

Furthermore, many in this situation are also caring for their older parents, those who are in retirement but need assistance, whether financially or otherwise. This has been cause for some concern for those Canadians worried that funding their parent’s retirement will erode their own savings.

Caring for kids – no matter their age – is expensive. Caring for parents and helping them out financially can also be costly. But what’s the solution?

One of the most important things you can do if you’re part of the sandwich generation is keep the lines of communication open, and have a plan, especially with aging parents. This means having a real conversation about finances, where your parents stand financially, looking at savings and assets and how these can be used to better prepare for future costs.

On the other side, it is also important to communicate with your kids. Be frank about finances and budgeting, and help them better understand money and the importance of saving. For older children, a discussion surrounding debt, future goals, and saving for their future goals can help.

Being stuck in the middle is often a tough spot, especially when money is a concern. Careful planning and clear communication, as well as a strategy to get finances (no matter if they’re yours, your child’s or your parents’) back on track is crucial.

At Spergel, we can help you best prepare for the future and develop a plan to ensure all members of your family are well situated for financial freedom.

Call us today, toll free, for a free consultation: 310-4321.

Helpful starting information:

What to Bring to an Appointment

To get the debt help that you need, please bring a list of who you owe and how much to each, a list of everything you own and your monthly household budget. Don’t have everything right away? Don’t worry – We will guide you through each step.

Download Form

Your Information

We’ll walk you through our application process. But, if you want to prepare for your debt free assessment consultation in advance, download our information form and fill in what you can.

Download Form

Calculate Your Debt Repayment Options

How can you compare your debt repayment options if you don’t know how much they will cost you? Your solution will become much clearer when you are able to compare costs.

Debt Calculator

Ready to Be Debt-Free?

If you’re ready to be debt free, it’s time to meet with one of our knowledgeable Licensed Insolvency Trustees at your convenience and get started

Meet with a trustee