Each generation is shaped by defining moments, be it the invention of the internet, the rise of smartphones or major economic shifts. Yet, one experience transcends these generational differences: the financial and emotional pressure of simultaneously caring for dependent children and

aging parents

.

Although

gen X

is often referred to as the sandwich generation, given their current age, in reality, it is a life stage that people across generations encounter. And with increasing life expectancy and the

rising cost of living

, the financial and emotional challenges that accompany this phase of life are mounting.

So, the question stands: If so many of us are likely to experience this, why aren’t we better prepared for the task?

A 2024 Ipsos

study

said 70 per cent of Canadians aged 25-65 are worried about the financial strain of supporting both their parents and children. Nearly two thirds believe this caregiving responsibility might impact their career progression or ability to remain employed.

These findings highlight a very real, but often unexpected phase of life for many Canadians, as the potential financial and time-related costs their aging parents may require are often overlooked. The caregiving responsibilities of the sandwich generation involve considerable financial, emotional and logistical planning.

Challenges may include unexpected time off work, lost income and the stress of being pulled in multiple directions. Whether you plan to or not, you may find yourself short on both time and money.

That’s why having open conversations with family about long-term care preferences, financial resources and responsibilities helps everyone prepare early and reduces the burden on one individual.

Even beginning the dialogue with, “I’m planning for my future and want to understand how your plans might overlap with mine,” can go a long way in fostering clarity and reducing future stress.

Unless early planning has been put in place, the sandwich generation may find themselves dipping into their savings to meet the growing commitments required and competing priorities.

It’s essential for those preparing to support aging parents to understand each parent’s financial and care needs, especially when evaluating options such as aging in place, long-term care or retirement homes. No matter the situation, conducting stress tests and scenario analysis can help ensure your own financial plan remains resilient in the face of life’s uncertainties.

Beyond finances, time is often the most significant sacrifice. Whether it’s juggling medical appointments, caregiving duties or daily support for multiple generations, those in the sandwich generation frequently find themselves stretched too thin. The more you prepare for this life stage, whether financially or professionally, the better positioned you’ll be to navigate it with confidence.

The pressure to financially support both children and aging parents can make the sandwich generation feel like they should be everything to everyone all at once. But no one can do everything at once, and that’s OK. Trying to stretch yourself in every direction is unsustainable and will lead to guilt and burnout. Instead, recognize that priorities will shift and some sacrifices will need to be made.

Moreover, support doesn’t always have to be financial. Time, presence, emotional support and decision-making capacity can be just as valuable. Starting open conversations with siblings and family members about each person’s capacity, whether it’s time, money or other forms of support, can lead to collaborative solutions that ease the burden and help families navigate challenging situations more effectively.

Supporting your children doesn’t always mean writing a cheque. Teaching them how to manage money, make informed decisions and plan for the future can have a far greater long-term impact than short-term financial support.

Equipping children with the knowledge and confidence to navigate their finances lays the groundwork for independence, reduces pressure on you and allows your role in their lives to be rooted in guidance and connection rather than ongoing financial obligation.

If the time ever comes for them to enter this life stage themselves, they’ll be more prepared because of the tools and mindset you helped instil.

While the sandwich generation grapples with heavy responsibilities, it also presents a meaningful opportunity to deepen connections and spend more time with those you love.

There is perhaps no other stage of life that allows you to be present for both your parents and children in such a direct and impactful way. Pausing to reflect on that privilege, even briefly, can shift your perspective and provide emotional resilience when you need it most.

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Finances can be rebuilt. Careers can regain momentum. But the moments spent supporting, listening to and simply being with loved ones are often what’s truly precious. In the end, it’s often these moments, not the missed savings contributions, that leave a lasting impact on our lives.

Susan Daley is a senior investment adviser and portfolio manager at Richardson Wealth.