When you’re facing the increasing cost and pace of living, managing a household can be challenging. Now just imagine having to manage two. This is the reality for many South Africans as they find themselves financially responsible for both their children and their ageing parents.

This growing sector of the population, generally in their mid-thirties to mid-fifties has been termed the ‘Sandwich Generation’ – stuck between two sides and at risk of being spread a little too thin. According to the 2019 Old Mutual Savings and Investment Monitor, 34% of people in the study identified with being part of the Sandwich Generation.

You don’t have to continue this legacyWhat’s important to keep in mind during this life phase is that you cannot neglect your own personal financial security, or you’ll simply be creating the same stressful situation for your own children when you eventually retire. The good news is that with careful planning and the advice of a trusted financial adviser, you can assist your parents without derailing your own financial goals.

Plan to be financially freeOne of the best gifts to give your kids is to be financially free in retirement, allowing them to pursue their own dreams and goals. The first step is communication. Conversations about personal finances can be uncomfortable but it is important that your family understands your financial situation and needs.

Nobody wants to think about getting older and becoming less independent, but the difficult truth is that it’s an inevitable part of life. How you plan today for your later years, can make all the difference in allowing your children to pursue their own dreams and not continuing the Sandwich Generation legacy.

The time is now to speak to an Old Mutual financial adviser.