Saturday, October 25th6.8°C
23888
22501

'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

23901


Recent Trending




Today's Market
S&P TSX14543.82+56.99
S&P CDNX805.45-3.15
DJIA16805.41127.51
Nasdaq4483.715+30.923
S&P 5001964.58+13.76
CDN Dollar0.8901-0.0003
Gold1231.20+2.10
Oil81.02-0.73
Lumber336.40+6.80
Natural Gas3.631+0.009

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07+0.015
Anavex Life Sciences0.194-0.004
Metalex Ventures0.045+0.005
Russel Metals33.39+0.23
Copper Mountain Mining2.03-0.05
Colorado Resources0.145+0.005
ReliaBrand Inc0.012-0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.445+0.035

 



23028

FEATURED Property
2081257337 - 4205 Gellatly Road
2 bedrooms 2 baths
$419,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...


We can get on together

I was in LA this week. I witnessed such crazy and unusual circumstances as I strolled along Hollywood Blvd and Sunset Blvd. A far cry from sleepy Peachland in the Okanagan! The strange thing was, I f...


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...

_








Member of BC Press Council


22707