Money.ca – Have boomers saved enough for retirement? It doesn’t seem like it — how their children are picking up the pieces

The plan was supposed to work in one direction. Boomers would spend their working years saving, then eventually pass wealth down to their kids. However, for a growing number of Canadian families, the money is actually moving in the opposite direction, especially when it comes to caregiving later in life. 

Statistics Canada estimates 1.8 million Canadians, or 13% of unpaid caregivers, were part of the “sandwich generation” (7) in 2022, supporting both children and an adult with a long-term condition or disability at the same time. Among this group, 86% said the responsibility hurt at least one part of their health or wellbeing, and 2 out of 3 said it affected their job. 

The toll is real, and newer research suggests it’s getting worse, not better. The nonprofit Canadian Centre for Caregiving Excellence (CCCE) found that 49% of caregivers have experienced financial strain (8) because of their duties, and 41% describe it as outright financial hardship.