Managing Family and Finances: Smart Strategies for the Sandwich Generation The Sandwich Generation The term “sandwich generation” was coined in 1981 by two social workers who noticed the particular challenges of a generation of middle-aged individuals who were not only responsible for raising their children but also for caring for their aging parents. Canada, like many developed nations, is facing a pending demographic challenge. An aging population and increased life expectancy have led to more Canadians having to care for both their children and elderly parents. A 2022 study from Statistics Canada revealed that there are 1.8 million Canadians “sandwiched” between caring for younger children and older adults.1 Also, many Canadians are having children later in life, often in their 30s or 40s, which means they often have to care for young children and aging parents simultaneously. This group experiences pressure and stress from all sides; their own kids, their aging parents, caregivers, schools, their careers and businesses, and of course, the pressure they put on themselves. It can cause a lot of strain, both emotionally and financially. Estimating Elder Care Costs The cost of elder care varies widely, depending on the type and level of care required: What happens when the financial, emotional and logistical demands of your career and family intersect with the needs of aging parents? Welcome to the world of the Sandwich Generation—an ever-growing group caught between two generations that rely on them for care, support and financial stability. z In-home care: For those wishing to “age in place,” services range from meal preparation and housekeeping to 24/7 medical supervision. Monthly costs can range from $10,000 to $20,000 or more, depending on location and the level of care. z Assisted living: For individuals seeking support while maintaining some independence, assisted living facilities provide housing, assistance and recreational activities. Costs start at approximately $4,500 per month for a private one-bedroom accommodation. z Long-term care facilities: Offering round-the-clock medical and personal care, long-term care (LTC) facilities provide options for rehabilitation, hospice and specialized care. Costs range from $8,000 per month for a semi-private room to $12,000 or more for a private room.2 In addition to these costs, you may be responsible for medications, medical equipment and supplies. Indirect costs, such as lost income if you need to reduce your work hours or take on caregiving duties, can further strain your finances. Beyond this, managing elder care often involves time-consuming tasks like overseeing 32 | 2025 | Issue 2
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