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WENDY PENMAN, CFP –
HELPING FAMILIES PLAN FOR SOLID FINANCIAL HEALTH
SANDWICH GENERAtION- A term used to describe a demographic Athat is growing so quickly, it has been labelled a phenomenon!
re you splitting your time, and • Teach kids about money. Involve them in household maybe your financial resources, financial discussions. Tell them the income amount. between caring for aging parents, Show them the utility, insurance, clothing and grocery and dependent children? If you’ve costs. Make it a mathematics exercise so they develop a
answered ‘yes’ to this question, you are part of solid understanding that everything has a cost.
the sandwich generation.
According to Stats Canada, over 2
million Canadians now make up the sandwich generation. The majority
of this group is women between 40 – 60 years of age. The combination of having children later in life, and
people living longer, is leaving many feeling ‘squeezed’ at both ends.
As a Certified Financial Planner, I have been helping families plan and manage their financial health, for more than 30 years. Despite my education and experience
in this field, I found myself
unprepared for the journey life took me on.
My husband and I went from being empty nesters, to having
our adult child, his c-i-l and 3 children move into our home, after
experiencing job loss. During this same time, my father died, leaving my mother
suddenly responsible to manage all the household affairs. My mother, a strong,
resourceful woman, overwhelmed; the biggest source of her stress and anxiety,
being in charge of the finances and managing the investments!
I cannot even begin to describe the pressure, stress, tension and financial strain this situation
created. I learned some important life lessons, during this period of my life. I share these learnings
with others now, to better position them for financial success.
Christina Louise Photography
• Teach kids to save a portion of every dollar received, whether earned or gifted to them so that ‘saving’ becomes a habit, emphasizing the importance of setting aside funds for future use.
• Teaching kids basic money concepts, will better prepare them and build a solid foundation for a more successful financial future for them.
• Choose retirement savings over funding education costs if you can’t do both; student loans can be repaid.
• As a spouse, be involved in the meetings and/or discussions about investments and income taxes. Work with an advisor to gain a basic understanding of securities and financial markets.
• Explore the many services and resources available to assist seniors-equipment to aid with physical disabilities, financial supplements and emotional supports.
• Take time for your mental and emotional health, your women friends are your best support
• Work with a qualified financial planner to develop a solid plan that ensures your retirement resources will not be forfeited at the expense of caring for other family members.
Pro-active planning, being involved in the financial affairs of the household, teaching kids to be ‘money wise’, and knowing what resources are available
for seniors, can go a long way to alleviating the generational squeeze.
Call for support with developing a plan and managing your finances towards a secure future.
Wendy penmAn
CertiFied FinAnCiAL pLAnner
RbC dOMInIOn SECURITIES InC Wendy.penman@rbc.com I 780-493-7775