HomeEquity Bank and Ipsos uncover how caregiving impacts the careers and finances of Canadians juggling family duties
HomeEquity Bank, in collaboration with Ipsos, has conducted a study to illuminate the challenges faced by the Sandwich Generation—Canadians aged 25 to 65 who are simultaneously caring for their children and aging parents.
This research offers a new perspective on the caregiving burden, emphasizing its impact on career progression, financial stability, and personal well-being.
The study reveals that nearly one-third of Canadians are committed to preventing their aging parents from entering long-term care facilities, reflecting a broader preference for aging in place. Despite this resolve, over half of the Sandwich Generation express concerns about fulfilling this commitment.
The findings underscore the pressures of dual-role caregiving, with two-thirds engaging in discussions with their parents about aging choices and 58 percent consulting with their siblings to alleviate some of the financial burdens.
"We're committed to reshaping the conversation around aging and raising awareness about the unique issues that retired or retiring Canadians face. The research showed just how worried they are,” stated Vivianne Gauci, senior vice president of Customer Experience at HomeEquity Bank.
“They want to honour their parents' decisions, but this can come with stress and financial strain, underscoring the importance of planning and communicating now for the support and resources that may be needed later.”
Additional findings from the study indicate significant concerns about the impact of caregiving on employment. Sixty-seven percent worry about how caregiving responsibilities will affect their career progression, while 66 percent fear it will impact their employment stability.
Moreover, 76 percent anticipate changes to their working hours.
The financial challenges are also pronounced, with 70 percent worried about the economic burden of supporting both their parents and children. This concern extends to the costs associated with employing professional Personal Support Workers (PSWs).
Beyond financial pressures, 61 percent of Canadians report emotional strain from balancing caregiving with personal and family life.
The need for professional financial planning advice is evident among 71 percent of the Sandwich Generation, highlighting the importance of support systems to manage caregiving complexities.
Gauci adds, “The worries are real, but there are solutions. It can't just be on families to solve. Through initiatives like our Personal Support Worker awards program and educational resources, we aim to bring the caregiving crunch to the forefront and inspire a national conversation.”
The Canadian Association of Retired Persons (CARP) will host an online seminar with HomeEquity Bank on May 29 at 1 pm EDT to discuss the challenges of home healthcare and potential solutions.
