Sandwich Generation balances the impact of
parents aging in place with their own career progression and
financial future
Professional financial planning and
Personal Support Workers seen as key to Canadians staying in the
homes they love
HomeEquity Bank names 2024 Home Care Heroes
Award winners, recognizing the importance of exceptional caregivers
for Personal Support Worker Day on May
19
TORONTO, May 15, 2024
/CNW/ - HomeEquity Bank, provider of the CHIP Reverse
Mortgage, worked with Ipsos on new research to shed light on the
worries of the Sandwich Generation – Canadians aged 25 to 65 who
have their own children and aging parents. The research provides a
fresh perspective on the caregiving crunch, focusing on the impact
of this dual role on career progression, financial stability and
personal well-being.
Nearly one-third of Canadians have made a promise to keep their
aging parents out of long-term care. This shift in attitude mirrors
a growing desire for parents to age in the homes they love,
building on HomeEquity Bank's previous research that showed
Canadians 45+ overwhelmingly (90 per cent) want to age in place.
However, the new study reveals that the Sandwich Generation faces
significant concerns about keeping this promise, with more than
half worrying about how to fulfill their commitment.
But there is good news, the study found that two-thirds (67 per
cent) of the Sandwich Generation have initiated conversations, or
intend to initiate conversations, with their parents about their
aging choices, and 58 per cent have also had, or plan to have,
discussions with their siblings. Furthermore, an encouraging 60 per
cent of the Sandwich Generation have a plan to alleviate some of
the financial pressures.
"We're committed to reshaping the conversation around aging and
raising awareness about the unique issues that retired or retiring
Canadians face. That includes the often complex relationship
between parents and adult children," said Vivianne Gauci, Senior Vice President, Customer
Experience, HomeEquity Bank. "We knew the Sandwich Generation was
under pressure but the research revealed just how worried they are.
They want to honour their parents' decisions but that can come with
both stress and financial strain, underscoring the importance of
planning and communicating now for the support and resources that
may be needed later."
Other key findings from the research include:
Juggling career and family: 67 per cent worry that
caregiving responsibilities will impact their career progression,
while 66 per cent fear it will affect their ability to remain
employed. Balancing work hours becomes increasingly challenging,
with 76 per cent anticipating an impact on their hours of work.
The financial pressure of potentially supporting both parents
and children: A significant 70 per cent worry about the
financial strain of supporting both their parents and their
children on top of worrying about the costs associated with home
care from professional Personal Support Workers (PSWs). Over half
of the Sandwich Generation envision a future where they may be
financially responsible for both their parents and children
simultaneously.
There's only so much time in the day: Outside of work,
the Sandwich Generation faces the daunting task of dividing their
time between caring for their children and supporting their
parents. These time commitments impact their ability to care for
their children, enjoy personal time, and even influence decisions
about where they live. The related emotional strain is a concern
for over half (61per cent) of Canadians.
When it comes to aging in place, past Bank research underscores
the need for PSWs, however confirms most Canadians don't have PSWs
in their budget.
For the Sandwich Generation, 71 per cent believe they would benefit
from professional financial planning advice. This highlights the
need for support systems and resources to help navigate the
complexities of caregiving and financial stability.
"The worries are real, but there are solutions," added Gauci. "
The Sandwich Generation is so worried, but it can't just be on
families to solve. Through initiatives like our Personal Support
Worker awards program and educational resources, we aim to bring
the caregiving crunch to the forefront and inspire a national
conversation."
Alleviating The Burden and
Providing Support
The Canadian Association of Retired Persons (CARP) is hosting a
webinar with HomeEquity Bank on May
29 at 1 p.m. EDT, where the
Bank's Chief Financial Commentator, Pattie
Lovett-Reid, will moderate a discussion between HomeEquity
Bank's Vivianne Gauci and CARP's
Bill VanGorder about the challenge of home healthcare and
possible solutions. Canadians can register for this free event
here.
2024 Home Care Heroes Winners
Combine PSWs and Family Carers for the First Time
PSW Day recognizes the contribution of PSWs in the Canadian
healthcare ecosystem and, for the third year, HomeEquity Bank is
honouring PSWs for the important work they do with four prizes of
$2,500 each. For the first time, the
Bank is also honouring one family caregiver through its Home Care
Heroes Awards program. This year's winners are:
- Genie Calamohoy, nominated by Fern
Glicksman, is an exceptional caregiver whose dedication and
compassion have had a profound impact on the lives of those she
cares for. Trained as a nurse in the
Philippines, Genie provided years of impeccable care to
Fern's mother, treating her with dignity, respect, and love. Now,
she continues to provide the same level of care to Fern's
mother-in-law, demonstrating her unwavering commitment to her role
as a Home Care Hero.
- Elizabeth Suess, nominated by Les
Coutinho of CBI Home Healthcare, embodies the spirit of a
Home Care Hero through her compassionate and dedicated service. Not
only does she excel in her professional duties, but she also forms
deep emotional bonds with her clients, often going above and beyond
her role to bring joy and comfort to their lives. Her selfless
approach and genuine desire to help others make her an exceptional
PSW and a deserving recipient of this award.
- Elizabeth Posanso, nominated by Lee Grunberg of Integracare, is a seasoned
Personal Support Worker whose decade-long service has earned her
praise as a "wonderful, amazing, fabulous, terrific, expert,
professional, smart, observant and kind" caregiver. As a Dementia
Care Expert, she handles challenging situations with a positive
attitude and enthusiasm, providing top-notch care to her clients as
if they were her own family. Elizabeth's outstanding service and
dedication make her a true Home Care Hero.
- Kenta Thomas, nominated by
Carmela Terzo of Home Concierge, is
a Home Care Hero known for her exceptional work ethic, dedication
and compassion. Since joining the team, Kenta has consistently gone
above and beyond to meet her clients' needs, often working around
her personal responsibilities to provide outstanding care. Her
professionalism, reliability and commitment to her role make her a
deserving recipient of this award.
- Dave Violette, nominated by his mother Helen Foster, is the first-ever family Home
Care Hero winner. Dave goes above and beyond in providing
comprehensive care for his mother. From managing home and car
maintenance to monitoring medication, his dedicated support allows
his mother to live comfortably and independently. His efforts
exemplify the spirit of this award.
About HomeEquity
Bank
HomeEquity Bank is a Schedule 1 Canadian Bank offering a range
of reverse mortgage solutions including the flagship CHIP Reverse
Mortgage™ product. The company was founded more than 35 years ago
to address the financial needs of Canadians who wanted to access
the equity of their top asset – their home. The Bank is committed
to empowering Canadians aged 55 plus to live the retirement they
deserve, in the home they love. HomeEquity Bank is a portfolio
company of Ontario Teachers' Pension Plan Board, a global investor
that delivers retirement income for 340,000 current and retired
teachers in Ontario. For more information, visit www.chip.ca.
About the Study
These are some of the findings of an Ipsos poll conducted
between March 28 to April 3, 2024, on
behalf of HomeEquity Bank. For this survey, a sample of 1,033
Canadians aged 25 to 65 (who have a relationship with an aging
parent) were interviewed, of which 388 qualify as members of the
"Sandwich Generation", a subset of the population that also have
children whom they care for. Quotas and weighting were employed to
ensure that the sample's composition reflects that of the Canadian
population according to census parameters. The precision of Ipsos
online polls is measured using a credibility interval. In this
case, the poll is accurate to within ± 3.7 percentage points, 19
times out of 20, had all Canadians aged 25 to 65 who have a
relationship with an aging parent(s) been polled. The
credibility interval will be wider among subsets of the population,
and increases to ±6.1 percentage points, 19 times out of 20, among
the Sandwich Generation . All sample surveys and polls may be
subject to other sources of error, including, but not limited to
coverage error, and measurement error.
SOURCE HomeEquity Bank