In this episode:
00:00 – 02:54: Defining the Sandwich Generation
02:55 – 08:04: Caregiving Challenges and Tips
08:05 – 09:14: Protecting Loved Ones’ Finances
09:15 – 16:55: Discussing Estate Planning and Finances with Family
16:56 – 20:45: The Importance of Building a Social Network
20:46 – 21:58: Taking Care of Yourself as a Caregiver
21:59 – 27:33: Advice for the Younger Sandwich Generation
27:34 – 29:03: Talking About Your Legacy with Your Children
29:04 – 31:27: Final Tips and Resources for the Sandwich Generation
Join host Kelly Mould and SVP Private Client Banking, Kathy Ciszewski on this episode of Your Money. Your Mission. as they dive into the complexities of being part of the sandwich generation. This episode is packed with valuable insights and practical advice on balancing caregiving, parenting and financial responsibilities.
6 Key Takeaways
1. Understanding the sandwich generation
The term, coined in the 1980s, refers to individuals caught between caring for their aging parents and supporting their children or grandchildren. This generation faces unique financial, emotional and physical challenges.
2. Navigating conversations with aging parents
When navigating conversations with aging parents, it's essential to approach sensitive topics with empathy and understanding, be strategic about when and how to discuss financial and health matters and listen actively to understand their wishes and concerns.
3. Financial planning and protection
Discussing financial concerns and potential fraud protection gently is crucial, as is emphasizing the importance of estate planning documents like power of attorney and encouraging parents to facilitate these conversations early.
4. The importance of a support system
Socializing with friends and loved ones is vital for both caregivers and their aging parents, as isolation can negatively impact physical and emotional well-being across all ages.
5. Preparing younger generations
To prepare younger generations, it's recommended to start financial conversations early with children, model responsible financial behavior and teach the value of saving, budgeting and long-term planning.
6. Self-care tips for caregivers
Caregivers should prioritize their own well-being by stressing the importance of physical activity, healthy eating, mental well-being and seeking help when needed.
Tune in to this informative episode to gain a deeper understanding of the sandwich generation's challenges and learn practical strategies for managing these responsibilities effectively.
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