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Many Sandwich Generation Canadians putting own financial goals on hold to care for kids, parents: poll

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Summary

A new poll finds one-in-four Canadians are putting their financial goals on hold to take care of their parents, children


The survey also reveals a majority of Canadians don't have a plan to help them navigate financial challenges


One-in-three people who have children and at least one living parent think they'll need to financially support them


VANCOUVER (NEWS 1130) – It seems many Canadians caring for both their children and their aging parents are putting their own financial goals on hold.

A Leger poll done jointly for a financial planning group and a major retirement residence company finds on-in-four Sandwich Generation Canadians are feeling the pinch.

“Given the significant financial pressures facing consumers from all directions, it’s no surprise that research shows Canadians are stressed about their finances,” says Kelley Keehn, author, personal finance educator and Consumer Advocate for FP Canada.

The survey also reveals a majority of Canadians don’t have a plan to help them navigate challenges or take advantage of things like tax credits and available financial assistance.

Keehn says that’s “alarming,” and notes working with a professional to outline a plan can help a person live more comfortably.

According to the survey, one-in-three people who have children and at least one living parent say they think they’ll need to support both their kids and parent or parents in the future.

The poll has found that females are more likely to do so, at 35 per cent, than men, at 22 per cent.

Across Canada, people in Ontario were the most likely to say they’ll need to financially support their kids and parents in the future, followed closely by Albertans.