Canadians believe that caring for aging parents hinders career advancement

A recent survey conducted by HomeEquity Bank has shed light on the struggles faced by the so-called “sandwich generation” in Canada. This generation, comprised of individuals aged 25 to 65 who are simultaneously caring for their children and aging parents, is feeling the strain on their careers, finances, and personal well-being.

According to the survey, 68 per cent of Canadians in this age group believe that caregiving responsibilities will negatively impact their career progression. Additionally, 66 per cent fear that it will affect their ability to remain employed. Balancing work hours is also expected to become increasingly challenging, with 76 per cent of respondents anticipating an impact on their work hours.

One of the key findings of the survey is that nearly one-third of Canadians have made a promise to their aging parents that they will not put them in long-term care. However, more than half of them are worried about how to fulfill this commitment.

Financial concerns are also weighing heavily on the sandwich generation, with 70 per cent expressing worries about the strain of supporting both their parents and children, as well as the costs associated with professional home health-care support.

Overall, the survey highlights the significant challenges faced by Canadians in the sandwich generation and underscores the need for support and resources to help them navigate these dual caregiving responsibilities.