These individuals are known as the Sandwich generation
Reconciling a client's own retirement planning priorities with the pressure they may feel to support their aging parents and/or an adult child is one of the toughest challenges members of the sandwich generation
and their advisors face.
Mitch Freedman, Michael Eisenberg and Gina Chironis give their advice regarding how members of sandwich generation
can cope with I he financial responsibilities they have to their children and their parents in the Oct.
According to the survey, millennials incur credit when going on vacation (32 percent), getting married (29 percent) or caring for an ageing parent (27 percent) while the so called Sandwich Generation
demographic tend to use credit for buying a car (59 percent), home renovations (47 percent) and going to college (74 percent).
When you think of the sandwich generation
it is the son or daughter who is probably in their 50s and their kids are in college and their parents are starting to decline.
With parents living longer and children leaving the nest later, Boomers and X'ers are being pulled in two distinct directions facing time and resource constraints--hence, the term Sandwich Generation
Many of these unpaid caregivers are part of the Sandwich Generation
- adult children caught in the middle of caring for elderly parents while also raising children.
As Harriet Harman often told me, I was the living model for the sandwich generation
Women who are part of the sandwich generation
need to protect their finances, so they can continue to provide care and assistance to their children and parents.
While Canadians may see their parents retirement experience as a model for what to expect, the reality is that their retirement may not be the same, particularly if they are part of the sandwich generation
with both aging parents and school age children, said Amalia Costa, head, Retirement Strategies, RBC.
Led by the National Partnership for Women & Families, it has formed a broad-based consumer coalition that is working hard to make sure the ACA addresses the needs of the Sandwich Generation
and other family caregivers.
Women who have children later in life may well have established their careers, but they also face the risk of becoming the sandwich generation
- looking after ageing parents or other relatives while also bringing up children," the paper quoted Les Mayhew, professor of statistics at Cass business school, part of City University London, as saying.