How Australians live together is changing, as social and demographic factors have led to many more people living in households with more than one generation of adults. Called “The Sandwich Generation”, this group of people face considerable financial and mental strain, “sandwiched” between the challenges of raising their own children or grandchildren while caring for ageing parents. If you find yourself in this situation, here are some tips that could help.
Defining “The Sandwich Generation”
The Sandwich Generation can be defined as those adults caring for at least one living parent aged 65 or older, and who are either raising a child younger than 18 or providing financial support to a grown child aged 18 or older.
So named because they’re effectively “sandwiched” between two different generations, responsible for caring and providing financial support for both, this group of people are doing their best to balance the duties they have as both parents and adult children.
Choosing to live together because of societal or demographic changes – such as the rising cost of living or higher house prices - the sandwich generation are typically stretched to their limits in terms of emotional, financial, and physical commitments.
Caught in the middle of - or sandwiched between - both generations, they juggle financial and time constraints, balancing children’s activities, housekeeping, and the demands of work, with the responsibility of caring for an elderly or disabled parent.
Finding coping strategies
Understandably, life for the sandwich generation can feel extremely overwhelming, and it’s not unusual for members of the sandwich generation to experience burnout, depression, isolation, or guilt.
Putting others’ needs ahead of their own, juggling competing demands from children, parents, and spouses, all the while neglecting their own health and wellbeing places immeasurable strain on their resources.
If you find yourself being “sandwiched” between generations, battling to cope, here are tips to help you cope:
- Use your support network. Join a local support group where you can share your challenges and get advice from people in the same situation.
- Don’t be afraid to ask for help when you need it. Get other family members involved in providing additional support such as cooking meals, running errands, or providing transport to appointments.
- Prioritise what matters. Set boundaries around your time and get clear about what you can and can’t do. Sometimes you just have to say “no”.
- Get outside help. Hire in a caregiver to relieve you of some of your duties, or check if you’re eligible for Government caregiver support or benefits.
- Plan ahead. Talk openly with parents and children about your financial situation. Get financial advice and guidance with strategies to help you plan for anticipated future costs. Discuss with your parents their plans and priorities to give yourself peace of mind for the future.
- Practice self-care. Not taking care of yourself will impact your ability to care for others. Make sure you exercise, get proper nutrition, sleep, and regular doctor appointments. Carve out time in your day for yourself. Go for a walk, listen to a podcast, or just get outside in nature.
If you’re juggling the financial responsibilities for both your own children and your aging parents, contact a Mortgage Express broker to talk about your financial situation with a view to planning your retirement to ensure your financial future is secure.
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