More Canadians are finding themselves caught in the “sandwiched” generation, balancing care for both elderly parents and their own children. According to a recent report by Statistics Canada, 42% of Canadians aged 15 and up provided unpaid care in 2022, with 13% caring for multiple individuals. For many people, that’s on top of day-to-day responsibilities like attending school or working a day job. That’s the only option for many families, as many are priced out of long-term care facilities. In Ontario as of 2020, the costs for long-term care ranged anywhere from $1,900 to $2,700 a month, and since people are living longer, those costs are adding up. While this impacts everyone in the family, women are disproportionately shouldering the burden of this double caregiving role, often at the expense of their own well-being and career advancement compared to men, according to the report. To avoid this becoming a generational issue, parents can set their children up for financial success by encouraging them to open an RRSP account, and start contributing to it as soon as possible, which can be used to fund their long-term care costs in the future.
