Canadians who are part of a growing “sandwich generation” are being required to make more sacrifices to financially support both their children and aging parents, according to a survey by Credit Canada and Capital One Canada.
Thirty per cent are taking fewer vacations and 37 per cent are having to work a greater number of hours, found the survey of 830 Canadians in the sandwich generation. In addition, 43 per cent are eating out less often, 38 per cent have had to cut back on lifestyle expenses such as entertainment or social activities and 36 per cent have had to dip into their savings.
Two- thirds of the respondents have become burdened with additional financial problems as they deal with the reality of these heightened responsibilities and more than one-half (55 per cent) now expect to retire later than expected so they can catch up on their finances, found the survey.
"What's most concerning is the amount of expenses that this group of Canadians is being forced to take on at a time when they should be saving for retirement," said Laurie Campbell, executive director of Credit Canada.
Many (39 per cent) of the respondents are concerned they might not be able to pay for their children's education because they need to financially support their parents and 40 per cent said they might have to borrow money from family and friends.
© Copyright Canadian HR Reporter, Thomson Reuters Canada Limited. All rights reserved.