Saturday, February 28th3.7°C
25355
24105

'Sandwich generation' faces financial pressures by caring for young and old: BMO

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.

"The stress that comes with caring for children and aging relatives, balancing a career and generally keeping up with daily tasks can make it hard to focus on the future and saving for retirement."

The study also found that those polled in this age group are behind with their savings plans. The average amount that those polled want to have save by retirement is $818,000; but the average amount that has actually been saved as of date is just $258,000. Only 40 per cent say they have a financial plan in place.

Pollara conducted the poll for BMO between July 29 and 31. The polling industry's professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error as they are not a random sample and therefore are not necessarily representative of the whole population.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15234.34-6.82
S&P CDNX706.73+5.80
DJIA18132.70-81.72
Nasdaq4963.528-24.362
S&P 5002104.50-6.24
CDN Dollar0.7996+0.0004
Gold1203.00+6.10
Oil52.14+1.53
Lumber297.20+1.20
Natural Gas2.895-0.007

 
Okanagan Companies
Pacific Safety0.12+0.005
Knighthawk0.010.00
QHR Technologies Inc1.55-0.03
Cantex0.035-0.005
Anavex Life Sciences0.190.00
Metalex Ventures0.035-0.005
Russel Metals25.38+0.08
Copper Mountain Mining1.30+0.04
Colorado Resources0.15+0.015
ReliaBrand Inc0.008-0.0007
Sunrise Resources Ltd0.05+0.015
Mission Ready Services0.235+0.025

 



23015

FEATURED Property
2188420#99 4075 McClain Road
3 bedrooms 2 baths
$179,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...


Are you asking the right questions?

Have you ever had this happen to you? You are in the middle of your second or third good discussion with a prospect and everything seems to be going great. The prospect seems engaged and happy to work...


It's OK to say 'I'm sorry'

Photo: ContributedStand-up comedians and sitcoms have been making fun of Canadians for being polite as long as I can remember. Being known for our niceness is certainly not a bad thing and I wish more...

_








Member of BC Press Council


24850