Newspaper article The Canadian Press

'Sandwich Generation' Faces Financial Pressures by Caring for Young and Old: BMO

Newspaper article The Canadian Press

'Sandwich Generation' Faces Financial Pressures by Caring for Young and Old: BMO

Article excerpt

'Sandwich generation' being squeezed: BMO

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TORONTO - A new poll suggests more than half of Canadians aged between 45 to 64 belong to a "sandwich generation" that's feeling financially squeezed by the needs of their children, aging parents -- or both.

The survey conducted for BMO Nesbitt Burns found that 55 per cent of those recently polled in this age group say they're currently looking after children, parents, in-laws or other relatives.

About one-third of the 800 people who responded to the Pollara online poll said they are caring for a senior.

Thirty-nine per cent said they worry that the demands of a being a caregiver will have a negative impact on their financial goals, such as saving for retirement.

"There's a sense among those in the sandwich generation that they're getting squeezed and are being forced to balance a plethora of financial priorities, from paying down their mortgage to saving for their child's education to saving for retirement," Sylvain Brisebois, regional manager at BMO Nesbitt Burns, said in a statement. …

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