Many Sandwich Generation Canadians putting financial goals on holdBy The IJ Staff | September 17 2019 01:30PM
Many "Sandwich Generation" Canadians expect to put their own financial goals on hold in order to help their adult children and their aging parents, according to new research.
The Sandwich Generation Survey is a Leger poll of Canadians commissioned jointly by FP Canada and Chartwell Retirement Residences.
Of the Canadians surveyed who have children and at least one living parent, one-in-three (30%) said they expect that they will need to provide financial assistance to both their children and parent(s) in the future. Twenty-five per cent of them anticipate that providing financial support to both their children and parent(s) is likely to cause a strain on them financially, and 27% said they expect to put their own financial needs/goals on hold as a result of providing this financial assistance.
Most lack a financial plan
Of the respondents in the sandwich generation, just 27% said they have a financial plan that is helping them deal with financial pressures associated with supporting their children and/or parent(s).
"Given the significant financial pressures facing consumers from all directions, it's no surprise that research shows Canadians are stressed about their finances. However, it is alarming to think that few Canadians have developed a financial plan to help them take control of their finances," says Kelley Keehn, author, personal finance educator and Consumer Advocate for FP Canada.