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Caregiving Series – Part 1 – Caring Costs

Caregiving Series – Part 1 – Caring Costs

If you are feeling like the ham in the sandwich — you have company! Increasing numbers of men and women are trying to juggle work and child rearing while simultaneously caring for their aging parents. It is called the ‘Sandwich Generation,’ and membership in this not so exclusive club is increasing at a substantial rate. Whether you are caring for one or more generations, it can be an overwhelming time. We know that with the right tools, resources, and support, this life stage can be enriching and daresay, even transformational. Canadian Profile We are a caring nation! Almost half of all Canadians (46%) aged 15 and older have provided some level of care to a family member or friend at some point in their life. The majority of those providing care are in the 45-64 age group, and the percentage of those providing care increased 20% during a short 5-year reporting period of time. Furthermore, more than 82% of caregivers work at a paid job or business and 28% still have children under the age of 18, and often in their teenage years. Caregiving can start in response to the dreaded crisis phone call, and can also develop as a more graduated long-term commitment. Although women slightly outnumber men as caregivers, women provide care for almost twice as long as men, serving for an average of 5.8 years, compared to 3.4 years for men. Even though almost all caregivers report that they are happy to provide care, it still impacts their physical, emotional, and financial well-being. This article will review some of the financial implications of caring for family...