Right now, 1.8 million Canadians are raising their own kids and caring for aging parents at the exact same time, and Statistics Canada says it’s most common for people right in the middle of their careers, not after they’ve retired.
In this episode of Think Smart with TMFG, we unpack the sandwich generation: what it means to be squeezed between two generations at once, why it’s becoming more common as adult kids stay home longer and parents live longer, and why so many Canadians in their prime earning years don’t realize how close they are to this until it hits.
We also dig into the real cost of being sandwiched, and it’s not just financial. Roughly a third of these caregivers report financial hardship tied directly to their caregiving role, and about 30% end up adjusting their work schedules while 11% have had to give up a career opportunity entirely because of it. It’s a slow bleed on retirement savings and career growth that often goes unnoticed until years later.
From there, we break down why in-home care can run $150,000 to $200,000 a year, why waiting too long to have “the conversation” with aging parents can make things harder emotionally and financially, and why having that discussion while parents are still fully capable, in their 70s, not their 90s, changes the entire outcome for everyone involved.
📌 If you’re caring for aging parents, supporting your own kids, or you can see this stage coming in the next few years, feel free to reach out. We’d be happy to help you build a plan that protects your future while you’re taking care of everyone else’s:
Check out the full analyzed source here: Statistics Canada: “Sandwiched” between multiple unpaid caregiving responsibilities
Want to dive deeper? Check out Tyler Robertson’s TMFG article on managing the Sandwich Generation financial strain: Read the article here
🎧 Listen to the full episode on YouTube.
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