Navigating the sandwich generation: Balancing family, finances, and your future

Are you feeling squeezed between the demands of raising your children and caring for your aging parents? Welcome to the sandwich generation, where balancing family responsibilities and financial obligations can leave you feeling stretched thinner than a piece of deli meat! 

As a member of this unique group, you're not alone. A 2022 study from Statistics Canada showed that there are 1.8 million Canadians “sandwiched” between caring for younger children and older adults. Most members of the sandwich generation are trying to ensure that their children have the best possible start in life while also making sure their parents are comfortable and well-cared for in their golden years. But there are also members of this generation caring for their grandchildren and parents, or their children and an older spouse or partner. Regardless of who you’re caring for, providing that care and support is an incredible act of love. But it can also be emotionally and financially taxing. 

The challenges and considerations of being a “sandwiched” caregiver 

One of the biggest challenges of being in the sandwich generation is finding enough resources to go around. You want to provide for your children's education, extracurricular activities, education and future, while also ensuring that your parents have access to quality care, comfortable living arrangements and the support they need. It's a lot to take on, and it can be overwhelming.  

In fact, in the 2022 Statistics Canada study, 35% of sandwich caregivers said they experienced financial hardship in the previous year due to their caregiving responsibilities. And 66% of working caregivers reported that their caregiving responsibilities affected their employment and job-seeking activities. This is because many caregivers often need to take time off work, adjust their schedule or give up work opportunities because of their caregiving. Think about all the times you’ve had to take time off work to take your parent to a medical appointment or attend your child’s recital or track and field meet. 

But being in the sandwich generation isn't just about stretching your finances—it's also about finding balance and taking care of yourself. When you're so focused on caring for others, it's easy to let your well-being fall by the wayside. In the 2022 survey, 86% of sandwich caregivers reported at least one negative impact on their physical health and well-being. On top of that, 69% of sandwich caregivers reported feeling tired, 65% reported feeling worried or anxious, and 50% reported feeling overwhelmed as a result of their caregiving responsibilities.  

The numbers don’t lie. Many sandwich generation caregivers sacrifice their own well-being to make sure everyone else is taken care of. But you can’t pour from an empty cup. As hard as it might be, taking care of yourself is just as important as taking care of your family.   

Getting support for yourself – and your loved ones 

So, how can you navigate the challenges of being in the sandwich generation? It starts with finding support and resources to help you manage the demands of your situation. This might include:  

• Seeking out resources from charitable organizations and nonprofits. Organizations like the Alzheimer Society of Canada, Heart and Stroke Foundation of Canada and the Canadian Mental Health Association all offer resources and support for caregivers. 

• Joining a local caregiver support group. 

• Talking to a therapist or counselor to help you process your feelings and find coping strategies. 

You also have support from a financial perspective – including: 

• Government programs and benefits, like the Canada Child Benefit (CCB), which provides financial assistants to eligible families with children under 18 years old, or Old Age Security (OAS) and Guaranteed Income Supplement (GIS) for your parents who are 65 or older. 

• Employment insurance. If you need to take time off work to care for your family, you can access EI caregiving benefits, which can help replace lost income. 

• Enlisting the support and expertise of a financial advisor. 

Partnering with a trusted financial advisor can be a game-changer. A skilled advisor can help you create a detailed financial plan that considers all the layers of your life—your children's education, your parents' care, your own retirement, and everything in between. They can help you find creative solutions to stretch your dollars, maximize your resources, and ensure that you're making smart financial decisions for your entire family. 

By working with a financial advisor, you can create a roadmap that helps you navigate the challenges of the sandwich generation with confidence and clarity. You can ensure that your kids, your parents, and yourself and your retirement are all taken care of, while finding balance along the way. 

Next steps: Getting support to take control of your financial future