Sandwich Generation struggling to save for retirement
A recent a study BMO Nesbitt Burns found that Canadians in the sandwich generation (those aged 45-64 who are known as being 'sandwiched' between the demands of caring both for their aging parents and for their own children), are more than half a million dollars short of their individual retirement savings goal.
The study is the second in an annual series examining the retirement readiness of a specific generation.
According to this year's study more than half of the sandwich generation are currently caring for their children, aging relatives (parents, in-laws, grandparents, etc) or both. Thirty-nine per cent are concerned that being in the situation of caring for others will impact their ability to meet key financial goals, including saving for retirement.
"There's a sense among those in the sandwich generation that they're getting squeezed and are being forced to balance a plethora of financial priorities, from paying down their mortgage to saving for their child's education to saving for retirement," says Sylvain Brisebois, Regional Manager, BMO Nesbitt Burns. "The stress that comes with caring for children and aging relatives, balancing a career and generally keeping up with daily tasks can make it hard to focus on the future and saving for retirement."
Okanagan Life took a look at the Sandwich Generation back in April 2010.
By Shelley Wood