The ‘Sandwich Generation’ - A Brief Survival GuideBack
Raising a family while pursuing a career or running your own business is tough enough. Add tending to ageing parents to the equation and you’ve officially joined the “sandwich generation” a mushrooming group squeezed by simultaneous responsibilities for older and younger generations. If you aren’t there yet you may be soon.
The most recent research published by the Centre for Longitudinal Studies shows that this is becoming one of the hardest pressed generations. (1)
Very many households have two earners juggling responsibility for children an aging parent and a career. With life expectancies on the rise more and more will become caught up in the ‘sandwich generation’ and the ensuing demands on your time, money and resources. But there are steps you can take to ease the strain.
Communicate. The time to talk with aging parents about such issues as long-term care insurance and medical care decisions is before not during a crisis. Understanding their needs wishes and financial situation can help all of you work together toward a desirable future.
Share the load. Holding a family meeting can help you assign responsibilities—for everything from shuttling kids to after-school activities and parents to medical appointments – so no one person shoulders the bulk of the burden.
Be financially conscientious. Funding your children’s education and paying for nursing home care while still saving for retirement is a formidable challenge. It helps of course to get an early start on saving and investing and it’s also essential to consider ways to protect your parents’ assets. A comprehensive financial and estate plan can keep you and your aging parents on track. (**)
Tap outside resources. There are many local & national organisations that offer elderly care and childcare services and information. Seek out resources available in your area or workplace and take advantage of the help they offer.
Gather essential information. Work with your parents to prepare a personal data record—a document listing essential financial legal and medical information. A personal data record should include information about bank accounts, investment holdings, insurance policy numbers and company names, wills, lasting powers of attorney, medical insurance documents and professional advisers. And be sure family decision makers and your advisers know where to find the documents.(**)
Take care of yourself. Finally you’ll be in no shape to care for children and elderly parents if you don’t make your own well-being a priority too. Relentlessly pushing yourself out of a sense of obligation to others will inevitably sap your energy—and your ability to do what needs to be done. So nurture yourself as well as your family members. You’ll be better equipped to meet all those other emotional, financial and logistical challenges.
Holborn offer a number of solutions to assist in the smooth management of your financial affairs whether you are caught in the ‘sandwich generation’ or not.
Firstly, our Financial Healthcheck** is designed to provide you with some tips for a healthier financial lifestyle - now and in the future.
We do this by providing you with a second opinion on the financial decisions you have already made and those which you may be considering.
Once you become a client we provide a personal data & document service via our Personal Finance Portal.** On the portal we record information about bank accounts; investment holdings; insurance policies; etc
The portal is updated daily it provides an invaluable tool on which to view your financial information and interact via a secure online ‘hub’ anywhere and on any device. You can view fund and portfolio details get valuations and assess progress against investment goals. The portal also provides secure online storage for all those important documents; available 24/7 on a desktop, laptop, tablet and mobile phone.
(1) Caring responsibilities in middle age. Centre for Longitudinal Studies
This Briefing Note is provided for information purposes only and does not constitute any form of financial or investment advice. We believe the information to be correct at the time of going to press but we cannot accept any responsibility for any loss to any person as a result of action or refraining from action as a result of any item herein.
Printed and published by ©Holborn Financial Limited authorised & regulated by the Financial Conduct Authority. January 2018