{"id":96982,"date":"2026-03-05T10:45:35","date_gmt":"2026-03-05T15:45:35","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=96982"},"modified":"2026-03-05T10:45:38","modified_gmt":"2026-03-05T15:45:38","slug":"sandwich-generation-financial-planning-in-canada-a-complete-guide","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/sandwich-generation-financial-planning-in-canada-a-complete-guide\/","title":{"rendered":"Sandwich Generation Financial Planning in Canada: A Complete Guide"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>As of 2022, nearly two million Canadians are part of the Sandwich Generation, supporting both children and aging parents.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>This life stage can cause emotional strain, time pressure and financial trade-offs, but it\u2019s manageable with the right structure and support.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Clear communication, firm boundaries, transparency and organization are essential to protecting your finances and well-being.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Sandwich Generation financial planning strategies can help you manage day-to-day demands while staying focused on long-term goals.&nbsp;<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>A 2022 release from Statistics Canada revealed that <a href=\"https:\/\/www150.statcan.gc.ca\/n1\/pub\/89-652-x\/89-652-x2024002-eng.htm\" data-dig-id=\"LP-96982-1302c1d5\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"about 1.8 million Canadians\" class=\"rbc-link-format\">about 1.8 million Canadians<\/a> find themselves in the \u201cSandwich Generation,\u201d providing support to both children and aging parents. Shouldering this dual responsibility often puts pressure on budgets, schedules and mental health.<\/p>\n\n\n\n<p>Does any of this sound familiar? This guide is designed to help Sandwich Generation caregivers like you make sense of competing financial priorities, plan with more confidence and feel less alone in the process. It offers practical guidance you can use right away, along with longer-term strategies to support both your family and your own financial well-being.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-sandwich-generation\">What is the Sandwich Generation?<\/h2>\n\n\n\n<p>The Sandwich Generation refers to adults who are supporting their own children and providing care to aging parents or elderly relatives at the same time. The typical Sandwich Generation age is 35 to 54; these caregivers are in their prime earning and career-building years and are more likely to be women. According to Statistics Canada, seven per cent of women and five per cent of men are sandwich caregivers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-challenges-of-being-in-the-sandwich-generation\">The challenges of being in the Sandwich Generation<\/h3>\n\n\n\n<p>Supporting two generations means juggling competing demands on time, which can be a strain on your energy and your finances. And over the long term, the level of responsibility you carry can really take a toll. Sandwich Generation burnout is real: many in your position experience chronic stress, as well as reduced work-life balance. Career progression, social connections and personal well-being often take a back seat, leading to feelings of isolation.&nbsp;<\/p>\n\n\n\n<p>Common responsibilities include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Coordinating and taking aging parents to medical appointments<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Providing daily support (cleaning, meal planning\/preparation) to parents<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Managing children\u2019s activities and schooling \u2013 from grade school to post-secondary and everything in between<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Providing direct financial support to one or both generations<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Acting as the family organizer, handling paperwork, schedules and decision-making<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>It\u2019s also common to feel torn \u2013 stretched between the needs of children and parents, and feeling like you\u2019re never giving enough to either. Add rising out-of-pocket costs (childcare, elder care, transportation) and a reduced ability to save for retirement or emergencies, and financial strain becomes a central concern.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-financial-burdens-faced-by-the-sandwich-generation\">The financial burdens faced by the Sandwich Generation<\/h3>\n\n\n\n<p>Supporting two generations affects income and expenses, often at the same time. If you\u2019re balancing the needs of children and aging parents, these pressures can build gradually. Here\u2019s how financial strain often shows up.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Reduced work hours or job loss<\/strong><br>Caregiving responsibilities can make it difficult to maintain the same work schedule or career path. You may find yourself cutting back work hours, turning down promotions or taking leaves of absence to manage family responsibilities. This can lead to lost income, slower career growth and reduced access to benefits, such as employer retirement contributions, which can compound over time.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Unexpected family costs<\/strong><br>Surprise expenses, such as medical supplies, mobility aids, extra transportation costs or last-minute childcare costs, can quickly eat into savings.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Reduced ability to save consistently<\/strong><br>When household budgets are stretched to support parents and children, long-term savings often become the first thing to pause.<\/p>\n\n\n\n<p>At the same time, day-to-day living costs continue to rise, including housing, groceries, utilities and childcare and elder-care services. As a result, <a href=\"https:\/\/www.allianzlife.com\/about\/newsroom\/2025-Press-Releases\/Sandwich-Generation-Neglecting-Retirement-Savings#:~:text=Dual%20caregiving%20affecting%20retirement%20plans,both%20their%20children%20and%20parents.\" data-dig-id=\"LP-96982-e0b555ee\" data-dig-label=\"you may find yourself reducing or stopping retirement contributions\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">you may find yourself reducing or stopping retirement contributions<\/a> during these high-pressure years.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Less capacity for budgeting and planning<\/strong><br>When days are consumed by caregiving responsibilities, it\u2019s common to have less time and energy to stay on top of household budgets or long-term planning, which can lead to reactive decisions instead of proactive planning.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-this-guide-can-help\">How this guide can help<\/h3>\n\n\n\n<p>Many adults in the Sandwich Generation feel isolated and unsupported, even though their challenges are widely shared. If this describes you, this guide is meant to meet you where you are. It offers practical, realistic strategies to help you manage today\u2019s demands while keeping an eye on the future.<\/p>\n\n\n\n<p>Inside, you\u2019ll find:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>A breakdown of core financial challenges<\/strong>, with clear strategies for budgeting, planning and decision-making at every stage.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Insights to help you manage competing priorities<\/strong>, set boundaries and create a balanced plan that supports your family and your own financial health.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Tools and resources to simplify planning<\/strong>, including calculators, checklists, government benefits and related articles.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Tips to help you maintain or rebuild healthy saving habits<\/strong>, manage ongoing costs and make informed decisions.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-raising-kids\">Raising kids<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-raising-kids-while-supporting-aging-parents\">Raising kids while supporting aging parents<\/h3>\n\n\n\n<p>Supporting younger and older generations at the same time requires managing childcare schedules, activities and routines, while also coordinating appointments, transportation or home care needs for aging parents. Overlaps are inevitable \u2013 as is the feeling of being needed in two places at once.<\/p>\n\n\n\n<p>Staying organized and setting clear expectations can help you reduce the pressure. The strategies below can make this stage more manageable. &nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Open communication and boundary setting<\/strong><br>Honest conversations with your kids (whether younger children, teens or adults) and aging parents can help clarify expectations and prevent misunderstandings.<\/p>\n\n\n\n<p>Setting boundaries around time, money and responsibilities helps protect your own well-being and financial health. It also keeps everyone on the same page in terms of what support you can realistically provide.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Leveraging family, government and professional resources<\/strong><br>For those shouldering the weight of caregiving, support is crucial. Aim to share responsibility among siblings or extended family. If no one\u2019s offering, don\u2019t be shy to ask!<\/p>\n\n\n\n<p>Many Canadians also underestimate the number of government programs, credits and services available to caregivers (read on for details and links).<\/p>\n\n\n\n<p>Professionals can support too. <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/the-complete-guide-to-choosing-a-financial-advisor\/\" data-dig-id=\"LP-96982-881c5f19\" data-dig-label=\"Financial advisors\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">Financial advisors<\/a><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/the-complete-guide-to-choosing-a-financial-advisor\/\">,<\/a> care coordinators and other specialists bring an objective perspective, help navigate complex decisions and offer much-needed reassurance. <\/p>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block inner-section-ocean section-inner  has-e-4-eeff-background-color has-background\" style=\"border-radius:0x\">\n<p>RBC experts are here to guide you through this time.&nbsp; <a href=\"https:\/\/www.rbcroyalbank.com\/book-an-appointment\/book-an-appointment.html?msockid=089114f10aab690c070102a70b046888\" data-dig-id=\"LP-96982-efc9dcef\" data-dig-label=\"Talk with one of our advisors\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\"><strong>Talk with one of our advisors<\/strong><\/a> for help balancing your financial priorities.<\/p>\n<\/div>\n<\/section>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-financial-challenges-of-raising-children-in-canada\">The financial challenges of raising children in Canada<\/h3>\n\n\n\n<p>Raising kids in Canada comes with a mix of predictable and unpredictable costs.<\/p>\n\n\n\n<p>While expenses like clothing, food and school supplies are expected, surprise costs such as school trips, tutoring, sudden childcare gaps and technological needs can add up quickly.<\/p>\n\n\n\n<p>What\u2019s more, the cost of childcare is rising, and Canadian parents are grappling with high costs. According to a <a href=\"https:\/\/www.rbc.com\/newsroom\/news\/article.html?article=126058\" data-dig-id=\"LP-96982-2a3e3e31\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"recent RBC poll\" class=\"rbc-link-format\">recent RBC poll<\/a>:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>72% of parents are surprised by a rise in child-related expenses,<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>66% are worried about not being able to cover costs for their family, and<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>60% report their household budget has never been stretched so thin<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Extracurriculars are also increasingly expensive. From sports registrations to equipment to team travel, music and arts programs, costs can all run into the thousands each year.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-strategies-to-manage-child-related-expenses\">Strategies to manage child-related expenses<\/h3>\n\n\n\n<p>While these costs are real, there are ways to regain control and reduce financial stress.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Build a family budget that reflects multi-generational needs<\/strong><br>A monthly budget can help you see where money is going and where you might need to adjust. Be sure to include childcare, activities, groceries and elder care costs as distinct categories and track spending regularly. Using a <a href=\"https:\/\/www.rbcroyalbank.com\/mobile\/feature\/nomi\/budgets\/\" data-dig-id=\"LP-96982-7958acc1\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"simple budgeting\" class=\"rbc-link-format\">simple budgeting<\/a> tool can help you stay on top of this without the extra work.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Prioritize spending based on family values and current realities<\/strong><br>You may have noticed by now that you just can\u2019t do everything. Focus on essentials and the activities that matter most to your child\u2019s development or your family\u2019s well-being. It\u2019s okay to scale back on extras when budgets are tight. Another option is to rotate activities seasonally to manage costs.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Tap into government programs, benefits and credits<\/strong><br>There are several programs available to support caregivers, including:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/child-family-benefits\/canada-child-benefit.html\" data-dig-id=\"LP-96982-34019529\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Canada child benefit\" class=\"rbc-link-format\">Canada child benefit<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/about-your-tax-return\/tax-return\/completing-a-tax-return\/deductions-credits-expenses\/canada-caregiver-amount.html\" data-dig-id=\"LP-96982-afc86270\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Canada caregiver credit\" class=\"rbc-link-format\">Canada caregiver credit<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/ei\/caregiving.html\" data-dig-id=\"LP-96982-05821104\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"EI caregiving benefits\" class=\"rbc-link-format\">EI caregiving benefits<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/segments\/tax-credits-deductions-persons-disabilities\/disability-tax-credit.html\" data-dig-id=\"LP-96982-c5d53453\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Disability tax credit\" class=\"rbc-link-format\">Disability tax credit<\/a><\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>It\u2019s also worth looking into childcare subsidies and provincial credits, too. Many families qualify for more support than they realize.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Seek advice from a financial advisor<\/strong><br>An advisor can help build a plan that balances child-related spending with saving for your own future and supporting aging parents. They can also help you understand which programs, credits or insurance solutions may work best for your family.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-helping-kids-build-independence-and-financial-confidence\">Helping kids build independence and financial confidence<\/h3>\n\n\n\n<p>Teaching financial literacy is one of the most valuable long-term supports you can give your children. It builds independence, encourages realistic expectations and can reduce future financial reliance.<\/p>\n\n\n\n<p>Practical way to build money skills:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Assign age-appropriate chores and encourage part-time work<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Involve teens in everyday decisions like grocery shopping<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Use allowances or income to practice saving and spending<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Open a <a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/youth-student-banking\/leo-young-savers-account.html\" data-dig-id=\"LP-96982-8bd6b600\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"bank account\" class=\"rbc-link-format\">bank account<\/a> to introduce basic banking concepts<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Help teens set simple goals and track progress over time<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Here are more <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/raising-money-smart-kids-practical-tips-for-parents\/#:~:text=Discuss%20the%20investments%20they%20can,get%20the%20education%20they%20deserve.\" data-dig-id=\"LP-96982-dc956a18\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"tips for raising money-smart kids\" class=\"rbc-link-format\">tips for raising money-smart kids<\/a><\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-to-set-financial-boundaries-with-adult-kids\">How to set financial boundaries with adult kids<\/h3>\n\n\n\n<p>A growing number of Canadians in or nearing retirement are finding themselves caught in a money squeeze as they provide support for their adult children while trying to maintain their own financial security.<\/p>\n\n\n\n<p>According to a&nbsp;<a href=\"https:\/\/www.rbc.com\/newsroom\/news\/article.html?article=125923\" data-dig-id=\"LP-96982-1a2a1d2a\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"2024 RBC Poll of Canadians 55+\" class=\"rbc-link-format\">2024 RBC Poll of Canadians 55+<\/a>, 21 per cent are currently supporting at least one adult child aged 25 or older. Many are sacrificing their own savings or making significant lifestyle changes to continue helping.<\/p>\n\n\n\n<p>If you\u2019re supporting adult kids, here are some ways to protect your financial health:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong><strong>Recognize when financial support is affecting your own stability<\/strong><\/strong><br>If helping adult children is limiting your ability to save for retirement, pay down debt or cover essential expenses, it may be time to reassess how much support you can realistically offer.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Use research as a conversation-starter<\/strong><br>Use insights from reports like the RBC Poll to frame conversations about the costs of supporting adult children and explore planning solutions.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Communicate openly about what you can and can\u2019t provide<\/strong><br>Clear, proactive conversations help set expectations. Don\u2019t wait until it\u2019s too late to have a talk. Share what support will continue, what may change and why.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Encourage shared responsibility<\/strong><br>Adult kids can contribute by covering part of their living expenses or taking over specific household responsibilities. Shared effort eases pressure on parents and builds independence.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Create a transition plan for reducing support<\/strong><br>If you need to scale back financial help, set up a timeline. For instance, shift from paying full rent to partial support, then gradually phase out assistance.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Reinforce the importance of boundaries<\/strong><br>Setting limits isn\u2019t about taking away support. Rather, it\u2019s about ensuring you remain financially secure, so you don\u2019t become dependent on your children later.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-explore-more-guides-on-raising-kids\">Explore more guides on raising kids<\/h3>\n\n\n\n<p>Continue your reading here. We offer several resources to help with the financial side of raising kids \u2013 whatever their age, needs and opportunities.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/what-is-an-resp-and-how-does-it-work-key-things-you-need-to-know-about-this-popular-savings-tool\/\" data-dig-id=\"LP-96982-34019529\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Canada child benefit\" class=\"rbc-link-format\">What is an RESP and How Does it Work?<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/the-cost-of-raising-a-child-in-canada\/\" data-dig-id=\"LP-96982-3f15ee1b\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"The Cost of Raising A Child in Canada\" class=\"rbc-link-format\">The Cost of Raising A Child in Canada<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/when-adult-children-move-back-home-how-parents-can-protect-finances-and-relationships\/\" data-dig-id=\"LP-96982-d1276ea7\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"When Adult Children Move Back Home: How Parents Can Protect Finances and Relationships\" class=\"rbc-link-format\">When Adult Children Move Back Home: How Parents Can Protect Finances and Relationships<\/a><\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-caring-for-aging-parents\">Caring for aging parents<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-caring-for-aging-parents-emotional-and-financial-guidance\">Caring for aging parents: Emotional and financial guidance<\/h3>\n\n\n\n<p>Caring for aging parents is an emotionally and financially complex journey \u2013 deeply personal, often meaningful and rarely straightforward. Sandwich Generation financial planning takes this reality into account, recognizing the shift in family dynamics as adult children step into caregiving roles while managing financial, personal and professional costs.<\/p>\n\n\n\n<p>Navigating this stage calls for honest conversations, strong organization and a willingness to seek support when and where it\u2019s needed.<\/p>\n\n\n\n<p>The steps below can help you move forward with fewer unknowns and less pressure:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Assess your parents\u2019 needs<\/strong><br>Understand what your parents need now, and over the next five to ten years. This may include health care requirements, mobility needs, help with daily living, medication management or financial oversight. In many cases, it\u2019s a combination of support.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Coordinate care<\/strong><br>Try to coordinate care in such a way that responsibility is distributed across family members and trusted friends. A schedule works well here, allowing you to divide tasks by skill or availability.&nbsp;<\/p>\n\n\n\n<p>As you settle into a rhythm, check in regularly with those in your care circle. You want to prevent burnout and reduce the pressure on any single family member.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Explore support options<\/strong><br>Caring for aging parents is a difficult responsibility to shoulder alone. Look into options such as home care, community programs and assisted living. Doing so early can help you avoid crises and give you space to make decisions before needs become urgent.<\/p>\n\n\n\n<p>Early planning also gives your parents more control over the type of care they wish to have, which can go a long way in building peace of mind and maintaining happiness in their later years.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Manage finances transparently<\/strong><br>Understanding your parents\u2019 financial situation helps you anticipate future needs and identify any gaps before they become a concern. Be sure to have a strong grasp of their income sources, insurance coverage, debts, expenses and long-term care plans. Keep records organized and share updates with family members.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-understand-the-types-of-care-your-parents-may-need\">Understand the types of care your parents may need<\/h3>\n\n\n\n<p>As your parents age, the level of care they need may change. Determine what they need now and leave room for what may be required down the road. Some care needs to be considered:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Daily living support<\/strong><br>Some aging parents need help with everyday tasks such as cooking, cleaning, bathing, dressing or managing medications. Support can range from occasional check-ins to consistent daily assistance.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Health care<\/strong><br>Parents may need help coordinating medical appointments, managing prescriptions, monitoring conditions or navigating the healthcare system. In some cases, specialized care may be needed.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Transportation<\/strong><br>The ability to drive can affect an older parent\u2019s independence. Families may be needed to drive to appointments, run errands or arrange accessible transportation.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Safety and well-being monitoring<\/strong><br>This may include ensuring their home is a safe place to live and that they\u2019re eating well, checking in regularly and addressing mental health concerns (such as loneliness or cognitive changes). Personal alarms and other supportive technology could help.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-cost-of-elder-care-in-canada\">The cost of elder care in Canada<\/h3>\n\n\n\n<p>There are different levels of care available across Canada, and costs depend on the type, region and degree of support needed.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Home care<\/strong><br>Services can vary widely in cost, depending on the level of support required \u2013 from nursing visits to meal preparation to round-the-clock care. &nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Assisted living<\/strong><br>Assisted living offers more support but comes with higher costs. Residences provide meals, housekeeping, social programs and daily living support. Monthly costs can range from moderate to high, depending on the location and level of care.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Long-term care<\/strong><br>Long-term care homes are designed for seniors with complex medical or mobility needs. Where assisted living is meant to feel more like home, long-term care tends to be more clinical and structured to accommodate medical equipment and staff.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-care-costs-are-funded\">How care costs are funded<\/h3>\n\n\n\n<p id=\"h-how-care-costs-are-fundedunlike-hospital-care-which-is-largely-publicly-insured-through-the-canada-health-act-home-and-community-care-fall-under-provincial-jurisdiction-meaning-services-are-governed-and-funded-differently-depending-on-where-you-live-each-province-has-its-own-criteria-for-what-s-funded-and-who-qualifies\">Unlike hospital care, which is largely publicly insured through the Canada Health Act, home and community care fall under provincial jurisdiction, meaning services are governed and funded differently depending on where you live. Each province has its own criteria for what\u2019s funded and who qualifies.<\/p>\n\n\n\n<p>This listing of home and community care programming by province can be a helpful starting point if you\u2019re coordinating care for your parents.<\/p>\n\n\n\n<div class=\"wp-block-group has-text-reg-font-size is-layout-constrained wp-block-group-is-layout-constrained\">\n<table class=\"table-stack wp-block-rbc-stackable-table-block is-style-table-striped col-stack\"><tbody><tr><td><strong>Province<\/strong><\/td><td><strong>Agency<\/strong><\/td><\/tr><tr><td>Ontario<\/td><td><a href=\"https:\/\/ontariohealthathome.ca\/\" data-dig-id=\"LP-96982-0226fc71\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Ontario Health at Home\" class=\"rbc-link-format\">Ontario Health at Home<\/a><\/td><\/tr><tr><td>Quebec<\/td><td><a href=\"https:\/\/sante.gouv.qc.ca\/en\/repertoire-ressources\/votre-cisss-ciusss\/\" data-dig-id=\"LP-96982-2fb63a1a\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Integrated Health and Social Services Centres (CISSS\/CIUSSS)\" class=\"rbc-link-format\">Integrated Health and Social Services Centres (CISSS\/CIUSSS)<\/a><\/td><\/tr><tr><td>Manitoba<\/td><td><a href=\"https:\/\/www.gov.mb.ca\/health\/homecare\/\" data-dig-id=\"LP-96982-83e502ac\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Manitoba Home Care Program (MHCP)\" class=\"rbc-link-format\">Manitoba Home Care Program (MHCP)<\/a><\/td><\/tr><tr><td>Saskatchewan<\/td><td><a href=\"https:\/\/www.saskhealthauthority.ca\/your-health\/conditions-diseases-services\/home-care\" data-dig-id=\"LP-96982-d70b4501\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Individualized Funding for Home Care\" class=\"rbc-link-format\">Individualized Funding for Home Care<\/a><\/td><\/tr><tr><td>Alberta<\/td><td><a href=\"https:\/\/www.albertahealthservices.ca\/cc\/Page15488.aspx\" data-dig-id=\"LP-96982-1ca6e4a3\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Home and Community Care\" class=\"rbc-link-format\">Home and Community Care<\/a><\/td><\/tr><tr><td>BC<\/td><td><a href=\"https:\/\/www2.gov.bc.ca\/gov\/content\/health\/accessing-health-care\/finding-assisted-living-or-residential-care\/residential-care-facilities\/finding-a-residential-care-facility\" data-dig-id=\"LP-96982-e1602e66\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Regional health authorities oversee funding for nursing, rehabilitation and palliative care\" class=\"rbc-link-format\">Regional health authorities oversee funding for nursing, rehabilitation and palliative care<\/a><\/td><\/tr><tr><td>Newfoundland and Labrador<\/td><td><a href=\"https:\/\/www.gov.nl.ca\/hcs\/personsdisabilities\/fundingprograms-hcs\/#phsp\" data-dig-id=\"LP-96982-368536ba\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Provincial Home Support Program\" class=\"rbc-link-format\">Provincial Home Support Program<\/a><\/td><\/tr><tr><td>New Brunswick<\/td><td><a href=\"https:\/\/nbhc.ca\/home-care-services\" data-dig-id=\"LP-96982-a07fcd9d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Home Care Services\" class=\"rbc-link-format\">Home Care Services<\/a><\/td><\/tr><tr><td>Nova Scotia<\/td><td><a href=\"https:\/\/www.nshealth.ca\/clinics-programs-and-services\/home-care-and-community-care-services\" data-dig-id=\"LP-96982-f055a0bf\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Home Care and Community Care Services\" class=\"rbc-link-format\">Home Care and Community Care Services<\/a><\/td><\/tr><tr><td>PEI<\/td><td><a href=\"https:\/\/www.princeedwardisland.ca\/en\/information\/health-pei\/home-care-program\" data-dig-id=\"LP-96982-4ce393e7\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Home Care Program\" class=\"rbc-link-format\">Home Care Program<\/a><\/td><\/tr><tr><td>Northwest Territories<\/td><td><a href=\"https:\/\/www.hss.gov.nt.ca\/en\/services\/continuing-care-services\/home-and-community-care\" data-dig-id=\"LP-96982-e09e1eee\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Home and Community Care\" class=\"rbc-link-format\">Home and Community Care<\/a><\/td><\/tr><tr><td>Yukon<\/td><td><a href=\"https:\/\/yukon.ca\/en\/health-and-wellness\/care-services\/learn-about-home-care-program\" data-dig-id=\"LP-96982-dc45b21f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Home Care Program\" class=\"rbc-link-format\">Home Care Program<\/a><\/td><\/tr><tr><td>Nunavut<\/td><td><a href=\"https:\/\/www.gov.nu.ca\/en\/health\/home-community-and-continuing-care\" data-dig-id=\"LP-96982-483b6abb\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Home, Community and Continuing Care\" class=\"rbc-link-format\">Home, Community and Continuing Care<\/a><\/td><\/tr><\/tbody><\/table>\n<\/div>\n\n\n\n<p>Keep in mind, your parents may have their own income sources, so the level of your financial involvement will depend on what financial gaps might exist. Understanding your parents\u2019 full financial picture can help you and your family plan accordingly.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-government-programs-and-support-available\">Government programs and support available<\/h3>\n\n\n\n<p>Like with childcare, there are government programs available to support those caring for aging parents. Here is an overview of what\u2019s available:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Caregiver tax credits<\/strong>: You may be able to claim the <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/about-your-tax-return\/tax-return\/completing-a-tax-return\/deductions-credits-expenses\/canada-caregiver-amount.html\">Canada caregiver credit<\/a> if you support a family member with a physical or mental impairment.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Provincial programs<\/strong>: Each province provides its own caregiver supports \u2013 from home care subsidies to grants for mobility equipment or home modifications. Refer to the table above and check your local resources for availability and eligibility.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Employment Insurance caregiving benefits<\/strong>: If you have to temporarily leave work to care for an ill or injured family member, you may qualify for <a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/ei\/caregiving.html\">EI benefits<\/a>, which provide partial income replacement for several weeks.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Community-based programs<\/strong>: Non-profit organizations and local senior centres often offer affordable or free services such as meal delivery, day programs or caregiver support groups.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-to-talk-to-aging-parents-about-money\">How to talk to aging parents about money<\/h3>\n\n\n\n<p>For many families, money can be a highly uncomfortable topic to cover. It can be especially sensitive in the context of shifting family dynamics. Here are some tips to help make it easier.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Start conversations early<\/strong>: Approaching financial topics while parents are still healthy allows for more thoughtful planning and can reduce stress later.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Aim to avoid conflict:<\/strong> Transparency is important to prevent conflict, so share any concerns openly. Consistent communication can also help avoid misunderstandings among siblings or extended family.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Cover the important topics<\/strong>: Review both current finances (income, expenses, debts, insurance) and future wishes (wills, powers of attorney).<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-explore-more-elder-care-guides\">Explore more elder care guides<\/h3>\n\n\n\n<p>Our library of elder care resources can help you navigate the financial realities of caring for your parents.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/the-financial-impact-of-caring-for-elderly-relatives\/\" data-dig-id=\"LP-96982-3b2628b4\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"The Financial Impact of Caring for Elderly Relatives\" class=\"rbc-link-format\">The Financial Impact of Caring for Elderly Relatives<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/cyber-security\/understanding-cyber-security\/how-to-protect-your-parents-from-fraud\/\" data-dig-id=\"LP-96982-038b72ee\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"How to Protect Your Parents from Fraud\" class=\"rbc-link-format\">How to Protect Your Parents from Fraud<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/how-to-talk-to-aging-parents-about-money\/\" data-dig-id=\"LP-96982-fd30d0af\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"How to Talk to Aging Parents About Money\" class=\"rbc-link-format\">How to Talk to Aging Parents About Money<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/retirement\/getting-close\/power-of-attorney-joint-accounts.html\" data-dig-id=\"LP-96982-68f4bbc4\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Powers of Attorney for Property and Joint Bank Accounts\" class=\"rbc-link-format\">Powers of Attorney for Property and Joint Bank Accounts<\/a><\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-retirement\">Retirement<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-to-save-for-retirement-while-supporting-two-generations\">How to save for retirement while supporting two generations<\/h3>\n\n\n\n<p>Do you find yourself pausing contributions to retirement savings plans, delaying retirement or completely overhauling your vision? If so, you\u2019re not alone. In fact, about 80 per cent of Canadians say the rising cost of living is the single greatest barrier to building their retirement nest egg. And <a href=\"https:\/\/ca.finance.yahoo.com\/news\/nearly-half-canadians-delaying-retirement-122300328.html\" data-dig-id=\"LP-96982-a1d8d31b\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"more than half (56 per cent) have delayed or stopped saving altogether\" class=\"rbc-link-format\">more than half (56 per cent) have delayed or stopped saving altogether<\/a>, citing a range of pressures, including debt, housing and childcare.<\/p>\n\n\n\n<p>Sandwich Generation financial planning helps balance these competing demands, so caring for two generations doesn\u2019t come at the expense of your own financial security.<\/p>\n\n\n\n<p>Consider these tips:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Don\u2019t stop prioritizing your own retirement and financial health:<\/strong> Maintaining your own financial security is essential. Pausing retirement savings for too long can create long-term setbacks and may lead to having to rely on adult children later.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Create a financial plan<\/strong>: This helps you balance competing demands by outlining your income, expenses, savings goals and caregiving costs. Updating your plan regularly helps you stay on track.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Find \u201cfree money\u201d<\/strong>: Look for tax deductions, benefits, school scholarships and grants to help stretch your budget.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Explore non-financial ways to support children and aging parents<\/strong>: Helping with budgeting and researching programs can be just as valuable while keeping your own savings intact.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Seek financial guidance<\/strong>: A financial advisor can help you prioritize your retirement savings, understand how to leverage government programs and create a strategy for supporting two generations without putting your future at risk.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-why-retirement-savings-often-fall-behind\">Why retirement savings often fall behind<\/h3>\n\n\n\n<p>Competing financial responsibilities understandably stretch budgets in multiple directions. Sandwiched Canadians encountering a similar situation often face common outcomes:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Reduced contributions<\/strong>: Some adults scale back RRSP, TFSA or pension contributions to cover family needs. It\u2019s important to recognize that even short pauses can have long-term effects because of lost investment growth.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Career interruptions<\/strong>: Reduced work hours, unpaid leave or stepping back from advancement opportunities can affect lifetime earnings.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Economic pressures<\/strong>: High housing costs, rising inflation and increased cost of living make it harder to save.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-to-know-if-you-re-on-track-for-retirement\">How to know if you\u2019re on track for retirement<\/h3>\n\n\n\n<p>Every family\u2019s situation is different. To assess your retirement readiness, think about your ideal retirement lifestyle and the corresponding costs. Retirement <a href=\"https:\/\/www.rbcroyalbank.com\/retirement\/retirement-calculators.html\" data-dig-id=\"LP-96982-abc21a4f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"tools and calculators\" class=\"rbc-link-format\">tools and calculators<\/a> can help you stress-test your plan, allowing you to review different scenarios, such as taking time off, supporting adult kids or contributing less during caregiving years.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-practical-ways-to-build-or-rebuild-retirement-savings\">Practical ways to build (or rebuild) retirement savings<\/h3>\n\n\n\n<p>If you\u2019ve found yourself falling behind on your retirement savings, these actions can help get you back on track:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Make use of tax-advantaged accounts such as RRSPs, TFSAs and pensions<\/strong><br>Contributing to RRSPs can reduce your taxable income now, while TFSAs allow for flexible, tax-free growth. Further, employer pension plans, matching programs and group RRSPs are highly efficient ways to grow long-term savings.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Make consistent contributions<\/strong><br>Even small, regular deposits can help rebuild momentum. Consistency matters more than the amount, especially when income is stretched during caregiving periods.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Create a structured catch-up plan<\/strong><br>Whether you\u2019re a late starter or need to catch up after pausing your savings, a plan can act as your roadmap. Don\u2019t forget to use RRSP carry-forward room and unused TFSA space to your advantage.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Work with a financial advisor<\/strong><br>They can help ensure your investments match your goals, risk tolerance and retirement age, so your investment strategy aligns with your timeline.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-explore-more-retirement-resources\">Explore more retirement resources<\/h3>\n\n\n\n<p>Our wide range of retirement resources can help you prepare for retirement, even with the financial pressures you face as part of the Sandwich Generation.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/investments\/how-to-save-for-retirement.html\" data-dig-id=\"LP-96982-df57c376\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"How to Save for Retirement\" class=\"rbc-link-format\">How to Save for Retirement<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/struggling-to-make-ends-meet\/managing-and-consolidating-debt\/how-to-pay-off-debt-faster\/\" data-dig-id=\"LP-96982-6ae784af\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"How to Pay Off Debt Faster\" class=\"rbc-link-format\">How to Pay Off Debt Faster<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/behind-on-retirement-savings-what-to-do-now\/\" data-dig-id=\"LP-96982-737dd71c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Behind on Retirement Savings? What To Do Now\" class=\"rbc-link-format\">Behind on Retirement Savings? What To Do Now<\/a><\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-more-tools-and-resources-to-help-you-manage-it-all\">More tools and resources to help you manage it all<\/h3>\n\n\n\n<p>The tools below are designed to help you and the people you support make more informed decisions and feel better prepared for what lies ahead.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/retirement\/retirement-budget-calculator.html\" data-dig-id=\"LP-96982-78466b07\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Retirement Budget Calculator\" class=\"rbc-link-format\">Retirement Budget Calculator<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/investments\/investment-calculators-tools.html\" data-dig-id=\"LP-96982-f57f2bf2\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Investment Calculators and Tools\" class=\"rbc-link-format\">Investment Calculators and Tools<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/investments\/tfsa-vs-rrsp-fhsa.html\" data-dig-id=\"LP-96982-e9408757\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Compare TFSA vs RRSP vs FHSA\" class=\"rbc-link-format\">Compare TFSA vs RRSP vs FHSA<\/a><\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-seasonal-guidance-for-multigenerational-families\">Seasonal guidance for multigenerational families<\/h3>\n\n\n\n<p>Milestones and special occasions often come with added financial considerations. But with a bit of planning, they can be enjoyed without added stress. The tips below can help you approach life\u2019s bigger moments with fewer financial surprises.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/holiday-budget-tips\/\" data-dig-id=\"LP-96982-2951ba00\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Holiday budgeting tips\" class=\"rbc-link-format\">Holiday budgeting tips<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/summer-travel-hacks-at-your-service-9-tips-for-a-more-affordable-getaway\/\" data-dig-id=\"LP-96982-d3856664\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Tips for a More Affordable Getaway\" class=\"rbc-link-format\">Tips for a More Affordable Getaway<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/back-to-school-checklist\/\" data-dig-id=\"LP-96982-ba1346d1\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Back-to-school budgeting\" class=\"rbc-link-format\">Back-to-school budgeting<\/a><\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Being part of the Sandwich Generation is emotionally, financially and logistically demanding. But with clear boundaries, better organization, carefully structured financial planning and the right support, it\u2019s possible to care for others without losing sight of your own future.<\/p>\n\n\n\n<p>You don\u2019t need to solve everything all at once. Even small, thoughtful steps can ease pressure and restore a sense of control. This guide is here to help you move forward \u2013 one decision at a time.<\/p>\n<\/div>\n<\/section>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Sandwich Generation are Canadians supporting aging parents and children. Learn how financial planning can reduce stress and protect retirement.<\/p>\n","protected":false},"author":90,"featured_media":96983,"parent":57303,"menu_order":0,"template":"wp-custom-template-mmm-sticky-nav","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[522,520,38,77],"rbc_content_type":[31],"rbc_audience":[39,300],"rbc_lob_group":[506],"rbc_difficulty_level":[33],"rbc_mmm_category":[315,314,356],"class_list":["post-96982","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-family","tag-managing-money","tag-parenting","tag-personal-finance","rbc_content_type-article","rbc_audience-parents","rbc_audience-relationships","rbc_lob_group-ways-to-bank","rbc_difficulty_level-beginner","rbc_mmm_category-finances-and-relationships","rbc_mmm_category-life-events","rbc_mmm_category-parenthood"],"acf":{"contently_publication_id":"","custom_author":"Diane Amato","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":[{"title":"What is the Sandwich Generation?","url":"#h-what-is-the-sandwich-generation"},{"title":"Raising kids","url":"#h-raising-kids"},{"title":"Caring for aging parents","url":"#h-caring-for-aging-parents"},{"title":"Retirement","url":"#h-retirement"}],"rbc_toc_for_mmm_action":"Generate Table Of Contents"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"The Sandwich Generation are Canadians supporting aging parents and children. 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