Start now – give your children the best gift of all… a great retirement for yourself.
What is the Sandwich Generation?
This is a generation of people mostly aged 25 – 50 years old,
who find themselves with the challenge of caring for their aging parents financially and even physically, while supporting their own children.
These days the elderly are living longer. And young adults rely heavily on their parents for financial support due to increased economic challenges. This results in 23% of South Africans currently struggling in this financially pressured position.
Why is the Sandwich Generation at risk?
- They struggle to pay their debts.
- Their living expenses are higher.
- They can’t save enough for their own retirement.
Because the Sandwich Generation is more financially stressed, they are forced to use more credit. Having more debt leads to bigger monthly repayments. Bigger repayments put pressure on monthly savings which leads to insufficient savings for retirement. This means that their children will likely find themselves being the Sandwich Generation of the future. And so the vicious cycle continues…
What is the solution?
Avoid placing the burden of the Sandwich Generation on your children or even unborn children by starting to save for your retirement today. Remember even the smallest steps in the right direction can help you achieve great things over time.
And, if you’re struggling as part of the Sandwich Generation, it’s important to get expert advice as soon as possible. It’s crucial to avoid dipping into or reducing your retirement savings, whether you’re part of the Sandwich Generation or not. This will ensure that your children won’t find themselves in the Sandwich Generation in years to come.
