A new survey by Ipsos, commissioned by HomeEquity Bank, highlights the significant struggles and sacrifices made by the “Sandwich Generation” in Canada.
This demographic, consisting of adults aged 25 to 65 who care for both their children and aging parents, is grappling with the dual pressures of caregiving and career management.
The survey sheds light on the increasing desire among Canadians to allow their aging parents to remain at home rather than moving them into long-term care facilities. Nearly one-third of Canadians have pledged to keep their parents out of such institutions. HomeEquity Bank’s previous research indicated that 90 percent of Canadians aged 45 and older prefer to age in place. Despite these intentions, over half of the Sandwich Generation is concerned about their ability to fulfill this promise.
Vivianne Gauci, Senior Vice President of Customer Experience at HomeEquity Bank, emphasized the emotional and financial strains highlighted by the research.
“We knew the Sandwich Generation was under pressure but the research revealed just how worried they are,” Gauci said. “They want to honour their parents’ decisions but that can come with both stress and financial strain, underscoring the importance of planning and communicating now for the support and resources that may be needed later.”
Key findings from the survey include:
- Career Impact: 67 percent of respondents worry that caregiving responsibilities will hinder their career progression, and 66 percent fear it will affect their job security. A significant 76 percent anticipate an impact on their working hours.
- Financial Strain: 70 percent are concerned about the financial burden of supporting both their parents and children. Over half foresee a future where they may have to financially support both generations simultaneously.
- Time Management: The Sandwich Generation struggles to balance their time between caring for their children and supporting their parents, with 61 percent reporting that this emotional strain is a major concern.
Despite these challenges, the study found some positive trends. Two-thirds of the Sandwich Generation have initiated, or plan to initiate, conversations with their parents about their aging preferences. Additionally, 58 percent have discussed, or intend to discuss, these matters with their siblings. Notably, 60 percent have developed plans to alleviate some financial pressures.
Professional financial planning and the role of Personal Support Workers (PSWs) were identified as critical components in supporting aging in place. However, many Canadians do not include PSWs in their budgets. The survey indicates that 71 percent of the Sandwich Generation would benefit from professional financial planning advice.
In recognition of the vital role PSWs play, HomeEquity Bank announced the winners of the 2024 Home Care Heroes Award, coinciding with Personal Support Worker Day on May 19. This year, the awards acknowledge both PSWs and family caregivers for their exceptional contributions.
The 2024 Home Care Heroes Award winners are:
- Genie Calamohoy: Nominated by Fern Glicksman, Calamohoy is praised for her dedication and compassion, having provided exemplary care to Glicksman’s mother and mother-in-law.
- Elizabeth Suess: Nominated by Les Coutinho of CBI Home Healthcare, Suess is recognized for her deep emotional bonds with clients and her selfless approach to caregiving.
- Elizabeth Posanso: Nominated by Lee Grunberg of Integracare, Posanso is a seasoned PSW and Dementia Care Expert known for her exceptional service and positive attitude.
- Kenta Thomas: Nominated by Carmela Terzo of Home Concierge, Thomas is celebrated for her work ethic, dedication, and professionalism.
- Dave Violette: The first-ever family caregiver recipient, nominated by his mother Helen Foster, Violette provides comprehensive care, allowing his mother to live comfortably and independently.
HomeEquity Bank, in collaboration with the Canadian Association of Retired Persons (CARP), will host a webinar on May 29 to discuss the challenges of home healthcare and potential solutions. The event will feature Pattie Lovett-Reid, HomeEquity Bank’s Chief Financial Commentator, Vivianne Gauci, and CARP’s Bill VanGorder.
About HomeEquity Bank HomeEquity Bank is a Canadian financial institution offering reverse mortgage solutions, including the CHIP Reverse Mortgage. Founded over 35 years ago, the bank aims to empower Canadians aged 55 and older to live the retirement they deserve in their homes. HomeEquity Bank is a portfolio company of the Ontario Teachers’ Pension Plan Board.
About the Ipsos Study The Ipsos survey was conducted between March 28 and April 3, 2024, with a sample of 1,033 Canadians aged 25 to 65 who have relationships with aging parents. The survey has a credibility interval of ±3.7 percentage points.